Congress and the Obama Administration are on the prowl for ever-higher tax revenues. As I pointed out earlier this week, they are so averse to cutting spending that they are instead stealing royalties payments from the states.
The Obama Administration is not only looking to attack oil and gas producing states, it is also hoping to raise taxes on the industry by denying it a deduction that is currently available to ALL industries. If the Administration and Congress were attacking this particular deduction as part of a broader, fairer tax reform, that would be a point of discussion, but this attack is about the industry and raising taxes, not about the merits or demerits of a specific tax policy.
The National Taxpayers Union has sponsored this website to help get average citizens engaged on the issue. Tell Udall and Heinrich what you think about this tax grab that will disproportionately harm New Mexico’s economy.