Scammed! |



State Treasurer Mike Coffman must feel like a fool. He’s the guy warning us about how legislators have scammed state cash funds to balance the budget and now he’s named in a class-action lawsuit challenging the scam.To Coffman’s credit, he has been on the record for two years warning about the faulty budget balancing. But the Republican doesn’t have the power to stop it. That’s where Fred and Sara Smith of Denver come in. They won a legal judgment in a real estate fraud case that entitled them to compensation from the state’s Real Estate Recovery Fund. Oops. The money wasn’t there.Other raided funds include Workers Compensation, Unemployment Compensation, Major Medical and even the Colorado Travel and Tourism Promotion fund, among the 31 hit.This news comes on the heels of the revelation that ordinary taxpayers will start seeing less of their Taxpayers’ Bill of Rights (TABOR) refunds in the coming years because specially-created tax credits start kicking in to take first dibs.That scam makes a mockery of TABOR’s intent to protect taxpayers. Meanwhile, Gov. Owens and diehard Republicans cannot agree to a compromise to fix another TABOR factor that will force more budget cutting, even while TABOR refunds start mounting up.But we won’t be getting those refunds because of the special interest tax credits. So programs will be cut, college tuition bills will go up and special interests will feed at the trough.And the cash funds won’t be sitting around to “save” the day.

Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.

Your donation will be used exclusively to support quality, local journalism.

For tax deductible donations, click here.

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User