We’re number 1! Is it good news or bad news? According to a new report from the Pew Center on the States New Mexico has led the nation in tax revenue growth since the start of 2020 just before the COVID pandemic hit the US.
The reason for New Mexico’s revenue growth is the massive boom in oil and gas revenues. The fact that government has spent a vast majority of the money (as opposed to cutting taxes) is certainly another factor. You can see for yourself which states have seen the strongest growth in tax collections.
If most tax revenue increases are the main source , NM seriously needs to find other industries to supplement with taxes if the US is going to get serious about weaning off of O & G for renewables!