.....Advertisement.....
.....Advertisement.....

GOP lawmakers propose overhaul of tax system

-A A +A

Politics > Senators concede it’s a work in progress

SANTA FE (AP) — Republican lawmakers proposed Thursday to significantly revamp New Mexico’s governmental finance system by relying more on taxing people and businesses on what they consume and spend, rather than the income they earn.
Rep. Tom Taylor and Sen. Bill Sharer, both of Farmington, outlined their proposal Thursday but conceded it’s a work-in-progress and not fully clear how the tax burdens of individuals and businesses will change.
“It may overtax some areas and we need to understand all of that before we cast this thing in stone,” Taylor said.
Sharer called it a “hard reboot of the New Mexico tax system.”
The proposal would greatly expand what is subject to New Mexico’s gross receipt tax, which applies to sales of many — but not all — goods and services.
Most groceries and food staples are tax exempt currently, but that would end under the proposed overhaul. Sharer said the tax would apply to “virtually everything that happens” in the state.
By broadening the tax base, the lawmakers propose to reduce the tax rate and eliminate most other taxes, including the state’s corporate and personal income taxes.


If you subscribe to the newspaper, you receive FREE access to all the exclusive content of the web site! Simply register to receive uninterrupted access to our award-winning and in-depth local online content!

Renew Current or Past Subscription / Register for Online Subscription

If you currently subscribe or have subscribed in the past to the Los Alamos Monitor, then simply find your account number on your mailing label and enter it below.

Click the question mark below to see where your account ID appears on your mailing label.

Newspaper Acct. ID:
info
Street Address:
(exactly as it appears on the label)

If you are a subscriber and you do not know your account ID or don't have a copy of your newspaper available that shows the information on the address label you can click continue below to search for your account.

New Subscription/30 Day Free Trial Account

If you are new to the award winning Los Alamos Monitor and wish to get a subscription or simply gain access to our online content then please enter your ZIP code below and continue to setup your account.

ZIP Code:



Create a limited access account.
Register to participate in community forums, post on the community calendar, blog etc. This registration does not give you full access to read our award winning content, etc.

The Los Alamos Monitor | lacirculation@lamonitor.com | 505-662-4185
256 DP Road, Los Alamos, NM 87544
Office Hours are 8:00 a.m. to 5:00 p.m., Monday through Friday