New revenue forecast underscores the benefit to every man, woman, and child of returning surplus oil and gas revenue to the people
Albuquerque, NM — State economists project $2.5 billion of additional revenue next year, a staggering figure that points to the critical role oil and gas production plays in New Mexico’s economy and reinforces the need to make every New Mexican an owner and direct beneficiary of the industry every year. Under Mark Ronchetti’s economic plan, every man, woman, and child would receive an annual rebate of more than $800, providing a family of four over $3,200 each year at current and forecasted production and price levels.
“State government has never been bigger or richer than it is right now, while too many families and small businesses continue to struggle to make ends meet,” said Ronchetti. “The excess energy revenue we’re seeing is not the Governor’s money to spend, and its best use is not in the hands of government bureaucrats. While she would use it to grow government even further, my plan would turn it back to the people, providing every New Mexican a sizable energy rebate payment every year.”
Under Ronchetti’s “Oil and Gas Annual Rebate” plan, each person in New Mexico – regardless of age – would receive $100 for every $1 billion the state receives in oil and gas revenues each year.
“I encourage a family of four to think about what they could do with an additional $3,200 next year, and similar payments the next year and the next. That’s game-changing help for most families, especially as we deal with record inflation,” continued Ronchetti. “We need to focus on growing our economy and helping our families and small businesses thrive, which won’t happen with big government spending sprees.”
You can read Ronchetti’s full economic recovery and growth plan here.
Among other provisions – designed to get New Mexicans back to work and provide the most substantial tax relief to small businesses in state history – Ronchetti’s plan would also restructure the state’s personal income tax code. Remarkably, most New Mexicans and small businesses currently pay the second highest tax rate on most of the income they earn. Ronchetti’s plan would create fairer and clearer tax brackets, resulting in substantial yearly tax savings for the middle class, low-income workers, and small businesses.
Original source can be found here.
