Tuesday’s meeting of the Revenue Stabilization & Tax Policy Committee included a sobering reminder of the urgent need to find more stable revenue, but it also provided cause for hope – by reforming an unstable, inequitable tax structure, New Mexico can better serve the state’s children and future.
Since it was implemented in 2010, the ACA has faced strong opposition from Republicans. Although attempts to repeal the ACA have been unsuccessful, the Trump Administration has been highly effective at weakening the ACA by undermining its provisions. This includes making it more difficult to enroll in coverage by adding more administrative hurdles for eligibility and cutting the budget for outreach and enrollment.
Albuquerque Journal--Pre-pandemic New Mexico saw a boom in oil and gas extraction, which was mirrored by an increase in state revenue. And while many state leaders opined that this boom was going to last indefinitely, the reality for the industry was far more grim. “In short,” the report states, “while New Mexico posted record oil and gas revenues, the oil and gas industry itself was reporting steep losses.”
The Affordable Care Act not only allowed millions of Americans to receive health insurance, it also improved public health and helped close the health disparity gap for people of color. Part 1 in this 2-part blog series looks at how the ACA benefitted New Mexicans.
The fact is the entire federal leasing system is dramatically outdated and in need of wholesale reform. Look no further than BLM’s New Mexico sale in August to see why someone with no experience in oil and gas development – was able to snatch up a third of the leases offered for next to nothing.
Grant County Beat--The oil and gas industry is in decline – and has been for at least a decade – according to a new economic report from the Institute for Energy Economics and Financial Analysis (IEEFA). This isn't the fault of the coronavirus, but the pandemic has helped underscore some of the industry's problems.
The article’s revelations are at once shocking and not surprising, with lobbyists who have spent years fighting against regulations to reduce methane waste and pollution admitting the problem is real. And if you suspected the industry is more concerned about its image than protecting your health, you’re right. Its answer to out-of-control methane emissions? More image polishing and public relations advertising.
Santa Fe New Mexican--Instead, we should repeal the failed trickle-down tax breaks that were handed to the well-connected and big out-of-state corporations over the past two decades. Not only would this make us far less dependent on revenue from oil and gas, it would make our tax system more equitable for everyday working New Mexicans and more stable.
KRWG--The COVID-19 pandemic is squeezing New Mexico’s already tight state budget, as vital tax revenue drops during the recession. At the same time, oil and gas companies in New Mexico and across the West are filing for bankruptcy, leaving behind orphaned wells and leaving New Mexicans with the unpaid bill for cleaning them up.
New Mexico’s 50th ranking in child well-being is the result of a decade of austerity due to choices lawmakers made during the last recession. In 2019 and early 2020, Lawmakers began to put the state on the right path for our kids. The pandemic and current recession do not need to derail us.