from New Mexico Voices for Children
Revenue from health care reform will bring in millions more in tax revenue than state will spend
ALBUQUERQUE—New Mexico will come out millions of dollars ahead when the Patient Protection and Affordable Care Act is fully implemented in 2014. The Act expands Medicaid to cover more New Mexicans and that has had some state officials worried about the extra cost. But a new report, set for release tomorrow by New Mexico Voices for Children, shows that the state will take in far more money in new tax revenue than it will be required to spend.
The new tax revenue will be the result of the economic activity that will be created by the influx of federal dollars. The extent of the new economic activity—including the number of jobs it is estimated to create—is laid out in a companion report, “The Economic Benefits of Health Care Reform in New Mexico,” which NM Voices released earlier this summer. This report is available online at http://www.nmvoices.org/wp-content/uploads/2011/08/econ-benefits-of-aca-8-11-update.pdf
The new report, “The Tax Revenue Benefits of Health Care Reform in New Mexico,” will be released Friday when the report’s author testifies for the Legislature’s Revenue Stabilization and Tax Policy (RSTP) Committee meeting.
WHAT: RSTP Committee testimony and report release
WHEN: 9:30 am, Friday, August 26, 2011
WHERE: Mid Region Council of Governments Building, Board Room, 809 Copper Ave. NW, Albuquerque
WHO: Kelly O’Donnell, Ph.D. (report author) and Bill Jordan