I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
The task force created by Governor Bill Richardson to study options for raising revenue has now convened four times. There are some interesting reports added to the group’s Web site, covering various options for raising revenue, giving definitions, histories, and estimated amounts that could be raised.
For example, in terms of gross receipts and compensating taxes, eight options are considered, including whether or not to add a gross receipts tax to food purchased for home consumption. One option considers raising New Mexico’s 5 percent gross receipts tax rate beginning July 1, 2010, with three different rate increases considered: .25 percent, .50 percent, and 1 percent. The report gives estimates of how much would be raised under each option, how New Mexico’s rate would compare to other states, and pros and cons identified by the task force.
If New Mexico’s gross receipts tax were to be increased .50 percent, the report says, the state would raise an additional $252 million next fiscal year, and would go from 28th highest such tax in the nation to 25th highest. The report says such a move would be simple to administer and would raise a lot of revenue–but the burden would be felt disproportionately by low-income people, and it could harm the business climate.
So far, the reports look at gross receipts and compensating taxes, the motor vehicle excise tax, the insurance premium tax, and personal and corporate income taxes. The taskforce will meet twice more, in Farmington on December 10, and in Santa Fe on December 17. Public comment can be given at the meetings or through the Web site, and will be included in the final report.
