Legislators Propose Higher Income Tax On High Income New Mexicans
New Mexico – A group of House and Senate Democrats advocates raising taxes by more than $300 million to balance the state's budget and avoid deep cuts in services and education.
One proposal outlined Thursday will roll back personal income tax cuts that were enacted in 2003. Democratic Gov. Bill Richardson has voiced opposition to doing that.
The legislation would increase rates on higher-income taxpayers earning more than $150,000 a year and would generate about $175 million for the state.
Another proposal would boost income taxes on multistate corporations by requiring a different tax reporting method for them.
The group of mostly liberal Democrats calls itself the Working Families Caucus. The members plan on lobbying their colleagues to build support for their proposals.
Copyright 2010 The Associated Press.