When I was governor, I could only dream of what a $3.6 billion budget surplus would look like. Praise Gov. Michelle Lujan Grisham and legislative leaders for making smart investments in today’s critical causes including expanding early childhood education programs, access to colleges, cleaner energy and protecting the environment I think that I want to do it. These are truly extraordinary times and extraordinary work is being done.
But as excited about these initiatives as I am, I’m equally concerned about the tax plans of lawmakers at this session. In the biggest revenue boom in the state’s history, they’re preparing to raise taxes – on investment income and savings, and income earned by countless small businesses, families and skilled professionals. Our income tax rate has risen to almost 7% and New He Mexico falls into a small group of states with the highest tax rates in America.
This course is divisive, unnecessary, unhelpful, and ill-advised. It should not be one.
And, Democrats in the legislature, stop being known as the party of higher taxes and bureaucracy. Be known as the party of higher wages, entrepreneurship, small businesses and innovative technology. The average New Her Mexico family wants financial stability and more money in their pockets. Let’s not screw everything up with higher taxes.
I want you to move here, come here, and raise a family that can stay here. Not rich, not poor, not middle class. We need them all and our tax code should encourage them all to be based in New Mexico.
Economically, people need to be able to find jobs here, and companies need to be able to find workers. It doesn’t benefit New Mexico that our national laboratories struggle to find engineers and scientists. Our taxes should not drive away workers of any kind. What benefits does our state benefit from taxing doctors and other health care workers as proposed? You can put a little more income into your government savings account, but in the meantime it will be even harder for New Mexicans to find a doctor. Higher taxes on doctors exacerbate the problem.
We also want new businesses to choose our state for their factories and stores. Small businesses should feel comfortable and less burdened here, while large businesses should choose to locate their operations, headquarters, and employees in New Mexico.
At the end of the day, especially in a multi-billion dollar revenue boom, what will higher taxes really do for our condition, investment or income? , in summary, it may be true. But in reality, we make life difficult for the people we want to help. A family business going through a difficult time, a single mom who can’t get a doctor’s appointment, and a gifted college student who has to leave town to pursue. her dream.
I agree with what tax speaks. When governments arbitrarily raise taxes, they shout to stop certain people and certain types of economic activity. When we cut income taxes and cut capital gains taxes in 2003, we did it as a coalition of Democrats, Republicans, businesses and workers. Today, we need the same united front, with the same clear message. New Mexico needs your employment, investment, talent and energy. And we’re going to fight for it.