A change in the law could put government surplus dollars back in the hands of New Mexico taxpayers.
The state's budget is projected to increase by $1.5 billion in the next fiscal year. As things stand now, that money stays in the government's pockets while New Mexicans pay higher taxes, the result of tax increases passed in 2019.
New Mexico's neighbor to the north, it seems, has found a better way.
In 1992, Colorado voters approved the Taxpayers Bill of Rights (TABOR), a law that restricts taxes – they cannot be raised unless approved by voters – and government spending. Surplus funds must be returned to the people if revenues grow faster than inflation and population growth.
Such a change could have a great impact on New Mexico's slowly growing economy. An even distribution of the surplus could net each New Mexico taxpayer approximately $730, a potential incentive for many current residents and those looking to become residents. New Mexico is the slowest growing state west of Kansas, its population growing just .41 percent over a 10-year period.
This simple change in law could put power back in the hands of the people and spark growth in more ways than one.
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