A surplus of $3.5 billion in state tax revenue, primarily from the oil and gas industry, is again being projected for 2024. Some legislators say surplus tax dollars should be returned to taxpayers. Others look forward to more spending and government growth. Read more HERE.
Speaking of government growth: Governor Lujan Grisham signed a 14% budget increase this year. That’s on top of previous increases totaling a 35% since she took office. While some gross receipts and personal income tax reductions were vetoed this year, the governor and those in control of the legislature allocated millions in excess tax revenue to cover increased spending – government growth.
How’s that working for taxpayers? Most individuals and business owners we talk to are not flush with cash to cover increased living expenses we are facing. Now’s a good time to remind voters that all NM legislators will be on the ballot in 2024.