THE HEAD OF THE BUREAU OF BUSINESS AND ECONOMIC RESEARCH AT UNM SAYS TAX REFORM MAY BE THE ANSWER TO NEW MEXICO’S BUDGET WOES. THERE ARE PLANS OUT THERE, BUT THERE’S BEEN NO AGREEMENT AMONG LAWMAKERS.
UNM ECONOMIST JEFF MITCHELL SAYS A TAX OVERHAUL WON’T BE EASY. HE SAYS TAX POLICY INVOLVES BOTH WINNER AND LOSERS, WITH SOME PAYING MORE AND OTHERS PAYING LESS. HE CALLS IT A DIFFICULT CHALLENGE.
MITCHELL SAYS OIL AND GAS REVENUE ACCOUNTS FOR ALMOST ONE THIRD OF THE STATE’S BUDGET. BUT PRICES ARE CURRENTLY SEVERAL DOLLARS BELOW THE 48-DOLLAR A BARREL LEVEL THAT THE STATE IS RELYING ON.
