Democrats weigh additional tax cuts amid financial windfall

Published April 28, 2022 4:17 PM

By MORGAN LEE
Associated Press

SANTA FE, N.M. (AP) — The lead state budget negotiator in the New Mexico House of Representative wants lawmakers to consider reducing or eliminating taxes on personal income. Democratic state Rep. Patricia Lundstrom of Gallup made the proposal in a newsletter this week distributed by the Legislature’s budget and accountability office. The proposal was met Thursday with concern among Democrats that New Mexico’s overall tax burden might shift toward lower-income residents. Personal income taxes are a fast growing source of revenue for the state, propelled by a newly increased top rate of 5.9% on higher incomes.

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