Commentary: Santa Fe, NM – House Democrats want to repeal the tax giveaways of the past few years that have only served to benefit the wealthy and well-connected and that have failed to create jobs in New Mexico. House Bill 310 rolls back some of those persoanl income tax cuts and limits the capital gains deductions that mostly benefit the top 10% of earners.
“These ineffective tax giveaways to the well-connected have done nothing to create jobs in our state,” said Rep. Bill McCamley (D-Mesilla Park), the bill’s sponsor. “HB 310 is a sensible and fair way to address our state’s revenue shortfalls without impacting families with low to moderate incomes. We need to be bringing in more revenue to build roads, improve education, and increase access to healthcare, all of which also creates jobs across our state.”
HB 310 creates a top earner tax bracket for individuals earning over $75,000 a year and for married individuals and heads of households making over $150,000 a year. HB 310 also limits the capital gains deduction to $1,000 and raises the motor vehicle excise tax from 3% to 5%.