The following is the vote on an amendment (made to the tax omnibus bill) that would have taken New Mexico’s personal income tax rate to 1% (down from the current top rate of 5.9%). This is the kind of legislation that New Mexico’s Legislature SHOULD be considering as a means of using the $3.5 billion surplus to grow New Mexico’s economy. It would spur economic growth while providing tax relief to all New Mexicans.
The Personal Income Tax generates about $2.4 billion annually (p. 65). This proposal would NOT eliminate the tax. But, taken as a whole New Mexico has plenty of money to enact REAL tax reform that would unleash New Mexico’s growth potential.
It will be the highest rated vote “+8” in our Freedom Index. Did your Rep. vote in favor or against?