The rich aren't sharing the pain of New Mexico's budget deficit

Gov. Martinez says all of us are required to share the sacrifice. But, she doesn't mean the richest 1% of New Mexicans. And, that’s the problem. If you own the ABQ Journal and ABQ Publishing. Inc., then Gov. Martinez doesn't want you to share the sacrifice, you only pay a New Mexico state income tax rate of 4%. Consider this: revenues from state income taxes are used to fund New Mexico's K-12 schools, colleges and universities. The Journal owner paid a 8% state income tax rate until 2004. In 2003, Gov. Richardson cut taxes for New Mexicans with annual net incomes of $250K or more from 8% to 4%. President Bush also passed federal income tax cuts for the rich in 2001. So, the Journal owner gets a federal and state income tax cut. What do we get? State and federal budget deficits as far as the eye can see! Cutting taxes for the rich is a disaster. These tax cuts have caused a $350 million deficit in New Mexico's budget. Lawmakers promised that the rich would use money from these tax cuts to create jobs in higher education. But, there are no jobs. There’s no way out of this mess unless Gov. Martinez and legislators reinstate the 8% state income tax rate for the rich. Lawmakers have cut K-12, higher education, and public services every year since 2008 in vain efforts to balance the budget. It hasn't worked. Gov. Martinez and lawmakers want to cut education and public services again. More cuts will hurt our students, faculty, staff, K-12 schools, colleges, universities, and our communities. Lawmakers must reinstate the 8% income tax rate for the rich. Then, all of us will be sharing the pain. If Gov. Martinez vetoes this measure, then legislators must override her veto.

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Comment by ABQSkippy on January 27, 2011 at 9:43pm
Public schools are feeling the pain acutely.

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