Commentary: Today, Republicans in the House Ways and Means Committee voted against the Working Families Tax Credit and Capital Gains Act on a party line vote 6-5. The Working Families Tax Credit and Capital Gains Act, sponsored by Representative Bill McCamley (D-Mesilla), is the state equivalent of the federal Earned Income Tax Credit that provides a tax credit for hard working families and also repeals the capital gains deduction.
“New Mexican families are struggling, many living in poverty and they need us to find real solutions to the problems they face,” said Rep. Bill McCamley (D-Mesilla). “If we want to be effective with tax policy and reduce poverty we should replace the capital gains tax give away for millionaires with this tax credit that has proven to lift families and children out of poverty. This vote shows that my colleagues across the aisle value money over cops, soldiers, teachers, fire fighters and over 200,000 New Mexicans that are eligible for the Working Families Tax Credit.”
Year after year, trickle-down economics has proven to fall short on its promises of building a robust economy. House Bill 79, the Working Families Tax Credit and Capital Gains Act would have put families first. Modeled after the federal Earned Income Tax Credit, this tax credit has been well documented to uplift individuals out of poverty providing much needed income to be spent locally. Every Republican present voted against the Working Families Tax Credit and Capital Gains Act.