Santa Fe’s Rising Gross Receipts Tax

Sorry to ignore the blog for a few days. I was at the annual State Policy Network conference in Scottsdale with hundreds of other think tank leaders. We exchanged ideas and generally worked to help each other create a more effective free market movement nationwide.
My posting for today is simply this very telling chart which clearly shows how Santa Fe’s gross receipts tax has risen dramatically over the years. As we’ve pointed out previously, the gross receipts tax is devastating to New Mexico’s economy because it most hurts the very businesses that generate jobs and wealth in our economy. Having jumped from 4.25 percent back in 1980 to nearly 8 percent this year and perhaps over 8 percent this fall if voters pass the Rail Runner tax, the gross receipts tax will continue to do untold harm to City and State economies.