House Bill 6 Raises Taxes By Well Over Half a Billion Dollars
Santa Fe – Hoping New Mexicans aren’t paying attention on Friday night is the continued strategy of House Democrats as they work to pass the largest tax increase in state history. House Bill 6 (HB 6) would force New Mexico families to pay well over $500 million in increased taxes despite a surplus in the state budget. HB 6 was introduced on the first full day of the Legislative Session and initially included an increase in the tax on gasoline, yet House Democrats have held the bill behind closed doors until now as it went through nine different iterations.
“This is the biggest cash grab in the history of our state and New Mexico’s working families are getting stuck with the bill,” said House Minority Leader Rep. Jim Townsend (R-Artesia). “We have a budget surplus and don’t need to pick the pockets of working families, yet that is exactly what this bill does.”
HB 6 raises taxes in several areas, including:
· An increase in personal income taxes to raise nearly $200 million
· An increase in local taxes of nearly $200 million
· An increase in vehicle registration fees to raise $37 million
· An increase in the cost of purchasing a vehicle to raise $65 million
· Increase taxes on hospital services to raise $100 million
· Raise taxes on cigarettes and tobacco products to collect $23 million
“Hoping that New Mexicans won’t notice this effort to raise their taxes, Democrats are gambling that spreading this tax increase around will hide this massive taking from working families for Santa Fe agendas,” said Rep. Rod Montoya (R-Farmington).