New Mexicans have a choice: bold tax reform or continued stagnation

It’s no secret that New Mexico has plenty of money:

$75 billion in its sovereign wealth fund,  

$1 billion in unexpected surplus revenues with more anticipated before next legislative session;

$7.6 billion in unspent capital funds.

But, it’s also no secret that real New Mexicans and businesses are struggling. New Mexico’s population is stagnant and aging. Our youth are leaving to find better opportunities elsewhere. MLG’s 8 years of left-wing economic policies (big spending, costly regulations, and narrow, small tax cuts combined with other tax increases) haven’t worked. Don’t believe me?

Take it from the Legislative Finance Committee’s Ismael Torres who recently told lawmakers, “We’re still seeing an economy that I would describe as either tepid or maybe stuttering.”

Gubernatorial candidate Gregg Hull has put forth a bold plan to eliminate New Mexico’s personal income tax. One can easily quibble with whether the income tax or the gross receipts tax should be reformed first, and the Democrat-controlled Legislature will ultimately determine what happens, but Hull has made it clear that he wants to do bold things with New Mexico’s massive budget surplus.

He does have at least one powerful Democrat legislator, Senate Finance Committee Chair George Muñoz, on his side. Muñoz, more than anyone else in the Legislature, has a thorough understanding of New Mexico’s finances and what can be done with the considerable resources available.

Deb Haaland’s agenda is more of the same policies we’ve seen over the last eight years except slightly further to the left. She wants to raise the minimum wage and expand various targeted tax credits, but beyond that her plans are vague and of questionable utility in growing New Mexico’s economy or putting money back in families’ pockets.