Dear Everyone;
California isn't the only state around with the legislature finding
some fun-filled ways to spend your tax money.
Take a look at the New Mexico State Investment Council which is
charged with investing funds in New Mexico businesses. The $200
million fund uses interest accumulated from the state's Permanent
Fund to directly invest, much like a venture capital firm would,
into New Mexico companies. It was approved by the state Legislature
this year.
The most recent use of the fund interest is a $7.5 million loan to a
film company starring Kim Basinger in a black-comedy film " Elvis
Has Left the Building ". It's about a cosmetics saleswoman who
travels to Las Vegas from Memphis, Tenn., leaving behind a trail of
dead Elvis impersonators. It is to be mainly filmed in New Mexico.
Here's a state owned fund generating some $200 million in interest
and the state legislators decided the best way to use the money
wasn't to reduce taxes by $200 million? Give a tax refund? Use the
funds to reduce next years taxes? Nope! Let's just sprinkle your tax
money around to selected businesses. Why should the tax payers
benefit?
Ron Getty
SF Libertarian