Bringing Home the Bacon: NM Ranks Third in Federal Payback

By SFR

Here's one list New Mexico probably doesn't mind topping (along with its usual cohorts, Mississippi and West Virginia): the amount of federal money the state receives in return for every tax dollar it pays.

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New Mexico gets $2.80 from the federal government for every tax dollar it pays--the third-highest return on investment in the US.

According to an analysis released today by the Daily Beast, New Mexico paid $8.8 billion, on average, in federal taxes in 2007, 2008 and 2009. In return, the state received average federal funds of approximately $24.57 billion per year.

The state's net gain from the feds, at $2.80, ranks just below Mississippi's ($2.83) and West Virginia's ($2.82).

Arizona ranked 16th, with $1.59 return on the dollar, and Texas came in 41st, receiving just 92 cents on every dollar it pays in federal taxes.

Then again, maybe that's because Texas Gov. Rick Perry refused federal funding in 2009--and may be poised to do it again.

Santa Fe Reporter

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