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Gov. Susana Martinez is proposing tax-cuts to help the economy.
OK. That kind of depends on what kinds of cuts.
I have a recommendation: Reform the GRT. Either:
• Tax moneys earned from services as personal income;
• Apply the GRT only to the profits reported on Federal Schedule C;
• Give a $25,000/yr deduction on the GRT to self-employeds/sole proprietors, which would be considered personal income, and reported/taxed accordingly as per any individual income; or
• Some combination of the above.
The GRT is a business income tax, not a consumption tax.
The recommendations above do not alter this. But these reforms, which essentially remove the personal income aspect of business revenue from the GRT and transfer them to standard personal income tax, do acknowledge and address business owners and the self-employed as the forgotten employees.
They, like everyone else, do in fact work for a living for the purpose of putting food on the plate and a roof over the head.
Currently GRT works out to be double taxation on the self-employed’s personal income.
Each dollar is taxed once when it is earned, and again when it is spent.
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