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A creative headline writer described the employment packages offered by Democrats and Republicans as “Dueling Job-Growth Plans.”
To have a duel, the guns must be loaded. That’s one little detail Senate Dems forgot.
In a news conference, they trotted out SB 9, yet another stab in Sen. Peter Wirth’s long campaign for combined tax reporting, which employers say would cost jobs; SB 74, from Sen. Steve Fischmann, who has an untarnished track record for being clueless on economic issues; and Senate Majority Leader Michael Sanchez, whose SB 140 is unworkable.
Fischmann would have us believe he’s fighting the good fight against tax pyramiding, in which gross receipts taxes stack up as businesses buy from each other and become embedded in the final, higher price. Behind his corporate income tax credit lies a mandate for combined reporting of corporate income taxes (a company pays tax on a fraction of its nationwide income, rather than just what it earned in New Mexico.
The argument over corporate taxes isn’t new. Political Progressives like Fischmann and Wirth claim New Mexico loses millions through what they call a tax loophole. Business groups say a change like the ones proposed would create a hostile tax environment that would drive business away.
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