Why are we footing the bill for billionaires?

One of these days, Wyoming won’t be able to depend nearly as much on mineral tax revenues to pay for its schools, roads, hospitals, and other public services and infrastructure. We will need to find other sources of revenue.

Admittedly, that day won’t be tomorrow — recent estimates show that investment gains by the state, along with an uptick in oil revenues, have all but erased Wyoming’s latest budget shortfall. However brief this respite may be, it gives state lawmakers an excuse to perform their favorite tax reform-related activity: sitting on their hands and doing nothing.

But coal continues to wane despite changes in federal leadership, depleting one of Wyoming’s major revenue sources. Meanwhile, Wyomingites are working to diversify our economy to end the boom-and-bust cycle of mineral dependence. Many hope this process will also create new opportunities that keep young people from fleeing the state.

As we grow new industries in Wyoming, mineral taxes alone won’t be able to support the infrastructure they need to thrive.

Read more: https://www.wyofile.com/why-are-we-footing-the-bill-for-billionaires/