Gov. Richardson has responded to AEAA COPE’s petition drive to roll back tax cuts for richest New Mexicans, close tax loopholes for big out-of-state corporations, and use revenues to restore the $30 lawmakers cut from the 2009-2010 preK-12 student funding value and stop further education cuts. He said, “Perhaps some of the tax cuts have outlived their usefulness.”
AEAA COPE agrees. Tax cuts passed by our state lawmakers in 2003 have outlived their usefulness. Lawmakers must roll back the 2003 tax cuts and close corporate loopholes when they meet in October.
Tax cuts which have outlived their usefulness:
- TAX CUTS FOR RICHEST – New Mexicans with incomes of $295,000 or more get $13,227 in tax cuts. New Mexicans with incomes less than $16,000, or incomes of $16,000 to $29,000 get nothing but education cuts.
Rolling back tax cuts for the richest will generate $450 million for preK-12 students.
- TAX LOOPHOLES FOR CORPORATIONS Big out-of-state corporations doing business in New Mexico are allowed to report their profits in states where there are no corporate taxes on profits.
Requiring corporations to pay taxes on profits earned in New Mexico will generate $60-$80 million for preK-12 students.
- TAX CUTS ON CAPITAL GAINS – New Mexicans owning stocks do not pay taxes on the total increase in the value those stocks. They pay one-half taxes on the increase in the value of stocks. 76 percent of tax cuts on these capital gains go to New Mexicans who earn $200,000 or more a year.
Rolling back capital gains tax cuts will generate $51 million for preK-12 students.
What can you do to persuade your state senator and representative to roll back tax cuts and close corporate tax loopholes?
What can you do to persuade your lawmakers to use additional revenues to restore the $30 they cut from the preK-12 student value and stop education cuts?
SIGN THE AEAA COPE PETITION.
Take your PETITION home. Ask family, friends and neighbors to sign it.
AEAA COPE 266-6638 nm.aft.org/aeaa
