NM House Republican budget: Putting New Mexico Working Families First Plan
Reclaiming New Mexico’s future with the largest tax break for working families in state history
Santa Fe – New Mexico House Republicans today presented their alternative proposal, the Putting New Mexico Working Families First Plan, to the state’s record-breaking $8.47 billion budget. The proposal, presented by State Representative Jason Harper (R-Rio Rancho), is based on sound fiscal principles that are designed to address directly the needs of New Mexico working families while also enhancing incomes, and preparing the state to withstand the effects of increasing inflation, higher utility rates and volatile gasoline prices.
“We are uniquely positioned to dramatically help the working families of New Mexico- that is if we do not miss this opportunity,” said State Rep. Jason Harper (R-Rio Rancho). “It is no secret that the last three years of spending continue to put government first; however the plan we are rolling out today presents opportunity to change the trajectory of our beloved state. If we take this opportunity, we can focus on giving working families the respect and help that they deserve instead of propping up state agencies that keep asking for more and more money.”
The Republican initiative, the Putting New Mexico Working Families First Plan, is intentionally designed to reclaim New Mexico’s future by targeting spending and enhancing working families incomes. The plan calls for New Mexico’s largest tax break for working families in state history, a $802 million tax reduction for New Mexico working families and New Mexico small businesses. The Republicans also are taking targeted steps to control state spending. This is in stark contrast to the unsustainable spending in the progressive budgets. Additionally, the plan calls for an increase in state emergency reserves to protect against volatile economic uncertainty, inflation and a higher cost of living across the nation.
“Every day, New Mexico’s working families are struggling to make tough financial decisions because they are paying more for everything,” said House Republican Leader Jim Townsend (Artesia). “From higher cost of groceries, to deciding how to effectively juggle their financial commitments because otherwise they cannot afford gas to travel back and forth from work- we are failing our working families by throwing their tax dollars around without seeing their lives improving.”
The Putting New Mexico Working Families First Plan will transform New Mexico’s future with targeted proposals such as:
- Target non-recurring, and unspent federal ARPA funds, to directly impact immediate and long-term needs of New Mexico’s Working Families
- Increasing state reserves to protect New Mexico’s Working Families from looming economic uncertainty due to market volatility and hyper-inflation (the progressive budget dips into the state Rainy Day fund, when the only thing raining is new money)
- Implementing spending plans to direct state agencies to reduce waste and live within their budgets, by reducing the proposed spending increase by half
- Reduce taxes on New Mexico’s Working Families by slashing $802 million in taxes, increasing take home pay for New Mexicans most at risk due to hyper-inflation