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Bad idea.
Reason 1) Sets tax policy into the Colorado constitution, basically unchangable. That's not what the constitution should be used for, that alone is reason to vote no.
Reason 2) Where does the money get taken from? Most those severance taxes now are used for water projects, wildlife, and low income energy assistance. Which do you prefer, less money for water projects (we have plenty of water, right?), wildlife, or helping people who can't afford to heat?