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| NM Permian Basin |
With that kind of money there is something for everyone but the lack of public discussion of a comprehensive spending package from either side of the aisle has been glaring. Eventually MLG and the Dems can be expected to push harder on the spending side but where are the R's?
The state made a mighty error under Dem Gov. Richardson when it permanently slashed state income tax rates, costing at least $300 million a year and contributing to a decade of austerity. That's a road best left untraveled. But with inflation rising, the pandemic continuing to thwart economic recovery and the aforementioned surplus set to soar higher, talk of responsible tax relief is beginning to surface.
One suggestion is for MLG to steal the GOP's thunder by mimicking a popular rebate program Gov. Richardson deployed in 2008 when surpluses were at record levels. The criticism then was that the rebates were measly--only $50 for tax returns with income up to $30,000; $40 for returns between $30,000 and $50,000 and $35 for returns between $50,000 and $70,000. There were no rebates for incomes over $70,000. The total cost of the Richardson rebates was just $56 million.
With the vast sums New Mexico is dealing with today, those rebates could be much, much more and not make a dent in the state's financial standing and provide needed stimulus for a sluggish economy and an increasingly beleaguered consumer--especially those with low incomes and/or senior citizens on fixed incomes. Also, the rebates could apply to New Mexicans not eligible to file tax returns.
Rebates that matter would begin with a big shot in the arm--at least $500--for incomes below $50,000 where the money would be rapidly spent and where inflation hurts most. But the income roof for the rebates could also be raised to include household with incomes up to $150,000. Why not? The energy boom belongs to all New Mexicans.
Given that Santa Fe continues to shy away from big picture programs that carry political risk and controversy, rebates would seem an alternative. The Santa Claus suit is dry cleaned. Who will don it?
BILL'S BIRTHDAY PRESENT
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| Richardson and freed journalist |
The cherry on the sundae was the release coming on Big Bill's 74th birthday Monday. It's surely one he and Fenster will long remember:
“I’m feeling all right physically,” a bearded Fenster, in baggy drawstring pants and a hat, said. . .Fenster, the managing editor of online magazine Frontier Myanmar, was convicted Friday of spreading false or inflammatory information, contacting illegal organizations and violating visa regulations. He is one of more than 100 journalists, media officials or publishers who have been detained since the military ousted the elected government. . . “This is the day that you hope will come when you do this work,” Richardson said. “We are so grateful that Danny will finally be able to reconnect with his loved ones, who have been advocating for him all this time. . .
Richardson, a former UN Ambassador, has laid relatively low since being dragged into the Epstein scandal last year. His TV appearances have been rare and the media now calls him a "former diplomat." But his freeing of Fenster shows he still has some gas in the tank and the Biden administration had to be pleased with his success, although his mission was not officially sanctioned.
Richardson explained his successful (and sometimes not so successful) methods in dealing with dictators and other questionable characters in his 2014 book “How to Sweet-Talk a Shark." It's an entertaining romp around the globe.
The ex-Guv is a graduate of the Fletcher School at Tufts which specializes in international relations. He now splits his time between Santa Fe and his home state of Massachusetts.
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(c)NM POLITICS WITH JOE MONAHAN 2021
(c)NM POLITICS WITH JOE MONAHAN 2021