New Mexico Democrats lay out new tax reform plan
SANTA FE - House Speaker Brian Egolf said Tuesday that he and other Democratic leaders are restarting their efforts to reshape the New Mexico tax code — this time with an emphasis on raising hundreds of millions of dollars in new revenue that can be used to improve the state's school system.
A previous tax-overhaul proposal, House Bill 6, has been tabled, he said, and won't be revived in its old form.
Instead, Egolf said, legislative leaders are crafting a new version that would raise income taxes on families making at least $250,000 a year, raise gasoline taxes and levy gross receipts taxes on all online sales.
House Republicans immediately blasted the idea as an unwarranted tax increase that would damage the economy and burden small businesses and families, at a time when the state already is expecting a budget surplus.
Read more: https://www.lcsun-news.com/story/news/local/new-mexico/legislature/2019/01/30/nm-legislature-democrats-tax-reform-plan-government-budget-education/2719951002/