Veguita, NM — State Senator Joshua A. Sanchez (R-Veguita), Ranking Member on the Senate Tax, Business, andbnTransportation Committee (STBTC), today called on the State of New Mexico to eliminate its Personal Income Tax.
Senator Sanchez argues the move is fiscally sound and long overdue as a real, lasting act of relief for working New Mexican families. With the state sitting on strong reserves and steady oil and gas revenues, Senator Sanchez says the money is there. Several other states have already cut or eliminated their income taxes entirely, drawing businesses, workers, and families away from states that have not kept up. New Mexico, he warns, needs to get in the game.
"This is not complicated," said Senator Sanchez. "People work hard here in New Mexico. Families out in our communities are stretching every paycheck they get. The least we can do is stop taking a cut of it. You let people keep more of what they earn, and they spend it here, they invest it here, they raise their families here. That is how you grow a state."
As the STBTC Ranking Member, Senator Sanchez has a front-row seat to how tax policy shapes the state's economy. He says the math works, and all that is missing is the will to act. Senator Sanchez called on Governor Michelle Lujan Grisham to convene a special legislative session to take up the issue. If the governor declines, he noted that lawmakers can call themselves back through an extraordinary session. Either way, he says the time to move is now, not next session.
"We have the tools to do this today. There is no reason to wait," Senator Sanchez said. "Families across New Mexico are not waiting. They are making real decisions right now about whether they can afford to stay. We can– and should– do something to ease their pain.” Senator Sanchez also had a direct message for colleagues who have spent years campaigning on affordability.
"I have heard a lot of politicians talk about affordability. A lot of speeches, a lot of promises. Well, the opportunity is staring us in the face. Eliminating the personal income tax is the most straightforward affordability measure we could pass. So where are they now? If you are serious about helping New Mexican families make ends meet, this is your chance to prove it. I would genuinely like to know what the argument is against letting people keep more of their own money."
Senator Sanchez said he will pursue the proposal through every available legislative avenue and encouraged New Mexicans to make their voices heard with their representatives.
