New Mexico
New Mexico lawmakers work to increase affordability
Different communities have different problems that require different solutions, but one thing just about every lawmaker agrees on is life is getting more expensive.
SANTA FE, N.M. – There are a lot of regional differences in the Roundhouse. Different communities have different problems that require different solutions, but one thing just about every lawmaker agrees on is life is getting more expensive.
“New Mexicans have seen a rise of cost in utilities, groceries and everything is more expensive,” said state Rep. Rebecca Dow.
“Affordability for me has been paramount this entire legislative session,” said Speaker of the House Javier Martinez.
It seems both sides believe there are extra savings hidden inside New Mexico’s tax laws.
“We have billions of dollars of surplus. Solutions exist,” said Dow.
For House Republican leaders, that means getting rid of the state’s personal income taxes, even though legislative analysts predict that would cost the state more than $5 billion in revenue over the next two years.
“We’ve got reforms on Social Security and veterans tax. We’ve got reforms on GRT,” Dow said.
But it appears Democratic leaders are more interested in increasing certain tax credits.
“We’ve got an expansion of what we’re calling the Earned Income Tax Credit, which was the old working Family Tax Credit,” said Martinez.
Martinez says the proposal would essentially exempt even more low-income New Mexicans from the state’s income taxes, putting more money in their pockets.
“We hope that families are able to take advantage of that tax program for them to be able to afford, like I said, the high cost of milk, eggs, bread, you know, everyday staples that the federal administration has yet to address, but I know are impacting people here in New Mexico,” said Martinez.
House Democrat leaders are expected to unveil their tax package in the coming days, and we’ll see what other cost-cutting measures they have in store this year, and what compromises they make with Republicans.
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