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| Advocacy Group Calls for Roll Back of Tax Cuts for the Wealthy |
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Airdate: Mon., 17 Aug. 2009 |
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By: Elaine Baumgartel and Eric Mack |
State revenue projections released last week show a $433 million hole in this year’s state budget.
Governor Richardson says he'll call a special legislative session this fall to address the problem and budget watchdogs are already advising against further cuts to vital programs like education, health care and public safety.
Gerry Bradley is research director with New Mexico Voices for Children. The organization put out a list of ways the state could raise up to a half a billion dollars without having to make cuts. Bradley says the state could go a long way towards patching the budget hole by taking a hard look at tax breaks that went into effect for high-income earners in 2003.
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BRADLEY: "The governor and the legislature thought that would ignite economic development in the state - well, it hasn't. They should have been sunsetted when they were put in. They should be rolled back, it's obvious the state can't afford them anymore."
Bradley says other ways to raise revenue include a surtax on high-income earners and closing corporate tax loopholes.
Many state lawmakers favor cuts over new taxes, arguing that new taxes would delay economic recovery and hurt businesses that are already struggling.
The new budget forecast predicts a drop of $700 million in revenue over two years – enough to wipe out the state's cash reserves. A special session of the legislature is expected for October. |
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