Tuesday, October 17, 2006

Richardson Cuts Taxes for New Mexicans

There's one guy that the Republicans can't label a "tax and spend liberal". Today, Governor Richardson outlined a $69 million plan to cut taxes for New Mexicans. Here is the plan the Governor outlined today, courtesy of The Plaza:

1. Working Families Tax Credit - the centerpiece of the Governor's tax-cut package, which is modeled after the federal Earned Income Tax Credit. This tax credit will reward work, and help working families--who earn between $11,000 and $36,000. As many as 139,000 taxpayers will benefit by an average of $180 per return.

2. Extend Personal Income Tax Cuts - affecting 370,000 tax returns, or about 720,000 people. This increases eligibility of the $2,500 per person exemption so individuals earning up to $40,000 and married taxpayers earning up to $60,000 can qualify.

3. Tax Cuts for active-duty military - exempting military pay from state income taxes, which means an average of $1,340 in tax benefit to 7,000 New Mexicans.

4. Tax Relief for Military Retirees - allowing a 50 percent deduction of their earned income up to $50,000 for purposes of the income tax. As many as 12,000 taxpayers would qualify for this relief. We want to attract second-career military retirees to New Mexico.

5. Reduce Tax Pyramiding - by cutting a portion of taxes paid on services purchased by small New Mexico businesses.

6. Gross Receipts Tax Deduction for Hospitals - Most of the hospitals affected operate in small, rural areas and on the front lines when it comes to caring for those most in need. This tax cut will allow more money that can be invested in local jobs, technology and direct patient care.

7. Gross Receipts Tax Relief for Mutual Funds - an incentive for investment management firms to bring well-paying financial services jobs to New Mexico.

8. Angel Investment Credit - an incentive for New Mexicans who invest in high-tech, start-up companies.

What a lot of people outside of New Mexico don't know, is that since he became Governor, Bill Richardson has cut taxes and made strategic, targeted investments that have strengthened and improved New Mexico's economy on a Clintonian scale.

In 2008, what would you rather have: more tax cuts for the richest 1% of Americans, or Bill Richardson cutting your taxes, investing in the common good, and bringing the vision and prosperity of the American dream back as reality for all Americans?

Bill Richardson: Restoring the Dream in 2008.


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