MLG (seemingly) picks up RGF’s call for taxpayer rebates (albeit much smaller than we’d like)

For weeks RGF has been calling for rebates on the extra $800+ million New Mexico has collected from (additional) oil and gas revenues generated for the state thanks to the war in Iran. Although we believe that much larger rebates are in order and could be given to New Mexico taxpayers we’ll take what we can get. And, we give credit where credit is due to MLG for pushing this ideas. Hopefully the Legislature bumps those rebates up to $500 or so when all is said and done.

RGF is certainly under no illusions that a one-time rebate is going to move New Mexico’s economy forward and we CERTAINLY sympathize with Senate Finance Committee Chair George Muñoz who said “he favors paring back the state’s personal income tax code as a way of easing the burden on New Mexico taxpayers.” Several bills have been introduced to make serious cuts to New Mexico’s income tax in recent years, but nothing has come from Muñoz. He hasn’t said anything about the issue publicly even when New Mexico was blessed with annual surpluses exceeding $3 billion. Why suddenly throw open the idea of significant tax cuts when MLG is on her way out the door?

It WOULD be interesting to get Deb Haaland on the record on the issue (radio silence so far). We don’t hold out much hope that Deb will cut ANY taxes and she hasn’t said anything about it during her campaign at least that we’ve seen. Gregg Hull, on the other hand, has spoken clearly in favor of reducing the income tax.

We believe there is plenty of money to do rebates right away AND reduce/reform New Mexico’s taxes. So, kudos to MLG and let’s get those rebates closer to $500 per family.