Posted on 04/07/2023 2:59:26 PM PDT by CedarDave
On Thursday, Democrat Gov. Michelle Lujan Grisham delivered New Mexicans a major surprise by vetoing major portions of the Democrats’ tax package, H.B. 547, which is seen as a big win for fiscally responsible legislators.
According to one report, Lujan Grisham “struck from the bill a phased-in reduction of the tax New Mexico consumers pay on most goods and services, a 20% alcohol tax increase, an electric vehicle tax credit and changes to the state’s personal income tax system aimed at benefiting low-income residents.”
The governor also vetoed a 25% tax on cigars, which lawmakers argued would make a $10.00 cigar $12.50, creating a “black market” for the products by bringing them in from other states, as Rep. John Block (R-Alamogordo) noted.
Portions of the bill that remain intact include $500 one-time tax rebates for single filers and $1,000 for married, as well as an expanded child income tax credit of up to $600 per child.
A fiscally irresponsible measure left in the bill includes additional film production tax credits, which critics argue will mostly benefit large production houses out-of-state that will hire temporary workers in New Mexico while continuing to keep post-production out-of-state in the Los Angeles area.
Another bad portion of the bill that she vetoed is a reduction of capital gains deductions. ... With the measure no longer being in the bill, it is a relief for New Mexico business owners and those who sell assets.
A provision Lujan Grisham struck from the bill, despite previously advocating for it, was a gross receipts tax deduction from 4.875% to 4.375%. She vetoed it.
The governor wrote in her veto message, “Given the unpredictable nature of the economy and our state’s reliance on oil and gas revenues, I am not confident this package is fiscally responsible.”
(Excerpt) Read more at pinonpost.com ...
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Who cares. New Mexico is now positioned to be the baby murdering capital of the US.
She is angling to become the “moderate” running mate of whichever commie rat the democrats throw up next.
I thought she was going to be Biden’s Running Mate in 2020.
Okay, where is the real michelle?
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