Why can’t/won’t New Mexico Democrats bring economic growth?

As RGF has discussed and will continue to discuss moving forward, New Mexico’s economic growth remains anemic. That’s not our statement, rather its the view of the chief economist of the Legislative Finance Committee.

It is hard to believe that with massive oil and gas revenues available that even Democrats who don’t necessarily understand taxes and their impact couldn’t do a bit better with all that money, but they haven’t.

A great example of their misguided approach is found in this Channel 13 KRQE story:

Representative Derrick Lente (D- Sandia Pueblo), Chairman of the house taxation revenue committee said a proposal like Hull’s would not benefit the lowest-income earners the most. “When we talk about eliminating personal income tax, it seems to me that based on the numbers that were presented by the legislative finance committee, that those that were millionaires, those were at the upper echelon of income earners in the state were to benefit the most.”

Lente has been chair of the powerful House Tax Committee since the start of 2023. If he wanted to eliminate taxes for low-income New Mexicans he/they could have done that. More importantly, while Lente and his Party focus exclusively on those of modest means, his entire approach to economics misses the symbiotic relationship between business owners/ job creators and those who want and need those jobs.

New Mexico doesn’t have to “only” cut taxes on those with higher incomes. Gregg Hull’s plan to eliminate the income tax entirely starting from the bottom up is exactly what New Mexicans of all income levels need. But, wasting money and wasting opportunities is how you get to 50th and it seems like he’s more than happy to keep us there.