Governor Susana Martinez Announces $672 Million Increase in Revenue -- On The Heels of Vetoing Massive Tax Increases
Statement
Governor Susana Martinez announced today a 13 percent increase in tax revenue through the fiscal year so far, with more than $672 million more dollars available to New Mexico. This increase also included personal income tax revenue growth of more than $50 million, or 18 percent, and corporate income tax growth of more than $18 million, or 66 percent, as well as gross receipts tax at more than $400 million, or 11 percent.
"As we keep up the fight to reform our tax code, make our economy more competitive for jobs and investment -- and veto EVERY tax increase -- our economy is growing and families and businesses are taking home more money to grow, save, and invest for the future," Governor Martinez said. "Results like these -- a growing and diversifying economy, increased tax revenue, and more -- show why it is so important to keep fighting to make our state more competitive for jobs and investment."
Additionally, through the first seven months of the fiscal year, revenues in most tax categories have increased significantly over the last year.
In April of 2017, Governor Martinez vetoed massive tax increases of more than $350 million. Since that veto, New Mexico's private-sector economy has created 10,000 new jobs, and today's news shows that individual, corporate, and other tax revenues are up significantly -- all while New Mexico now has a budget surplus of more than $300 million, along with strong cash reserves.Since taking office, Governor Martinez has cut taxes and fees 57 times, and vetoed more than $1 billion in tax and fee increases on New Mexico's taxpayers. Governor Martinez's tax reforms and cuts include cutting our corporate tax rate and ending the unfair practice of tax pyramiding -- which often resulted in the double and triple taxation of goods.
The Governor has also repeatedly called on lawmakers to act to reform our state's tax code to allow families and businesses to keep even more of what they earn. Unfortunately, legislative leaders have repeatedly failed to act, even after promises to do so, and wasting $400,000 in taxpayer funds on yet another useless government study.
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