Richardson Agrees: Tax Cuts In Order for New Mexicans
We at the Rio Grande Foundation have had our share of problems with some of Governor Richardson’s economic policies, but we wholeheartedly agree with his recent assertion that tax cuts are in order here in New Mexico. That said, however, if the purpose of cutting taxes is economic growth, his narrowly-targeted proposal will have a negligible impact.
Instead, we suggest, as we have in the past, that Governor Richardson continue reducing the state income tax to the point of complete elimination. Blanket rate reductions are always better than narrowly-targeted tax cuts and reducing the top rate further would have a significant, positive economic impact.