Looks like State Representative Mimi Stewart has a plan to turn New Mexico into the Land of Disenchantment. We’ve all read the reports that indicate that our fair state is not proving immune to the economic crisis plaguing the nation. People are losing houses and jobs here as well, and let’s face it the poorest among us are going to be the hardest hit.
In a bizarre turn of events, “the progressive” Representative Stewart has decided to take on the role of one of the most hated antagonists in literature – the Sheriff of Nottingham. You know, that cruel tax collector who cares not how much the people are suffering. No, the Sheriff has only one thought in mind – collect the taxes and track down those who would get in the way.
Representative Stewart is the author of HB346: Gross Receipts Surtax Bill. And, get this, the bill proposes a double whammy:
This bill proposes the gross receipt tax rate be increased by .5%. In addition the bill also proposes an increase in the personal income tax rate (PIT). The PIT would increase in tax year 2010 from 4.9 percent to 6 percent for married persons filing jointly with taxable income of at least $24,000 and for single persons with taxable income of at least $16,000.
Ouch. Let me put this in perspective. Gross receipt taxes (GRT) – like all sales taxes – are widely considered to be a regressive form of taxation. In other words, they hit the poorest amongst us the hardest. And, Representative Stewart wants to see those taxes increased.
But, Sheriff Representative Stewart is not satisfied with just increasing the GRT. No, why stop there? Consider for a moment that she wants to increase personal income taxes, and the level she wants to start levying this additional tax – $16,000 for a single person. In case you’re wondering, a person making $16,000 per year is earning a whopping $7.69 per hour.
Anyone know where we can find Robin Hood?