New Mexican Republican Promotes Tax Reform

Santa Fe--The much anticipated final report on New Mexico’s Tax System is in. State Senator Bill Sharer (R-Farmington) said it now gives legislators a credible model or so-called computerized “tool” to evaluate potential tax reduction scenarios. Sharer said the study researched tax numbers for the computer program that will be more broadly accepted as being credible and not created by someone with an agenda in order to keep their favored tax credit, deduction or exemption.

After the final report by the notable Ernst & Young Accounting Firm was presented to the  Revenue Stabilization and Tax Policy Committee today, Senator Sharer said there are no more excuses not to do the  much needed tax reform. He said the report has provided an accurate tool to demonstrate the impacts for specific tax bases changes, i.e., tax cuts. He said because tax revenue is up dramatically so far this year,  largely due to increases from the oil and gas industry, the additional new revenue creates a cushion for  the next budget if  there is indeed tax reform and it  needs some tweaking to get it just right. 

“We want our tax system fair and simple and to raise enough money for critical state programs while it is low enough to attract new businesses with jobs to our state,” Senator Sharer said. “Now is the time for fair tax reform for everyone. No more excuses.”