Based off of the State of Colorado Taxpayers Bill of Rights (TABOR). An amendment to the US Constitution that generally limits the amount of revenue government in the United States can retain and spend. Absent voter approval, it requires excess revenue to be refunded to taxpayers. TABOR also requires voter approval for certain tax increases. TABOR revenue limit is generally equal to the prior fiscal year’s limit plus the rate of inflation and adjusted population growth from “newcomers”.
This will restrain government from enacting policies that result in new taxes and will make them put these policies in front of the people to vote. Put simply, this will keep government spending in check