Rejecting state income tax lets Wyoming’s wealthiest residents off the hook at expense of most vulnerable citizens, Drake writes.
Legislature’s failure to diversify revenue streams, raise taxes and expand Medicaid exacerbate the current “Armageddon to Wyoming’s budget.”
An internal memo to the Legislature from its fiscal analysts anticipates $555 million to $2.8 billion in lost revenues from COVID-19 and an oil price war. “Armageddon,” in the words of one lawmaker.
The House on Friday passed a Gov. Mark Gordon-backed bill that would subsidize carbon capture projects through Wyoming residents’ electrical bills, without the original $1 billion subsidy limit.
The 65th Wyoming Legislature convened yesterday with much talk about a coming fiscal “storm” but little anticipation that lawmakers will batten down the hatches this year.