Albuquerque, NM – Today, Mark Ronchetti released an 8-point economic plan to jumpstart our economy and provide real, sustained relief so that New Mexicans can keep more of what they earn.
Inflation is crushing New Mexico families. The rising cost of everything from gas and food to vehicles and homes is taking a tremendous toll. And yet, as New Mexicans earnings and wage growth are wiped away by higher prices, state government has never been richer. Politicians in Santa Fe have used record budget surpluses – fueled by oil and gas production – to grow government to its largest size ever.
“State government has never been richer, but does your family feel that? Does your small business feel that?” said Ronchetti today as he announced his plan at a Golden Pride restaurant in Albuquerque. “We want to provide real, sustained relief so that workers keep more of what you earn and our families benefit. Our working families’ tax cut plan creates fairer and simpler tax brackets, giving every family a permanent income tax cut.” “We will also cut the tax you pay when you’re shopping,” Ronchetti says. “We’ll cut it each year I’m in office. We won’t try to fool you like this Governor did, with a tiny reduction in an election year.”
Ronchetti’s 8-point plan includes:
More money for New Mexico Families
The Ronchetti working families tax cut plan would create fairer and simpler tax brackets so that every family receives a permanent tax cut, with the exception of high-income earners whose top tax rate would remain at 5.9%. The plan also includes a reduction in gross receipts taxes every year of between ⅛% and ½%, depending upon available revenue.
Oil and Gas Annual Rebate
Every New Mexico would receive $100 for every $1 billion the state receives in oil and gas revenue each year. At current levels, this would amount to more than $500 for every man, woman, and child in New Mexico. Funding would come from surplus dollars and wouldn’t impact existing services.
Level the Playing Field: A Small Business Rescue Plan
Small businesses account for 54% of New Mexico Employment. They’re the backbone of our economy, but our tax code is stacked against them. Ronchetti’s plan levels the playing field between our small businesses and big corporations. Mark’s plan would produce the most significant tax relief and financial help for small businesses in our state’s history.
Destination New Mexico: Compete for Jobs
New Mexico over-regulates its job creators, stifles innovation, has an uncompetitive tax code, and can be punitive and unfair in its treatment of business. We need to earn a new reputation, one that will allow New Mexico to attract high-wage jobs in growth sectors.
New Mexico: THE Energy Leader
The promise of a bright energy future will only be realized when we stop tying the energy industry in knots and stop allowing government to pick winners and losers. Radical, special interest agendas should never be placed ahead of the well-being of our economy and should never be used to excuse American consumption of oil and gas from countries like Iran or Russia, as opposed to from Hobbs or Farmington.
Spending Growth Regulator
Our revenues are simply too volatile over time for the government to continually approve double-digit recurring spending increases. A maximum growth percentage threshold should be put in place to prevent this.
“Build NOW” Infrastructure Initiative
There are $2 billion in capital appropriations over the past few years that have gone unspent. The work just isn’t getting done. We can create a robust capital projects unit at DFA to drive the completion of infrastructure projects. We also need to identify failing infrastructure systems and work with local communities to prioritize upgrades and replacement.
Back to Work New Mexico
Our state needs more workers. New Mexico has the 3rd lowest labor force participation rate in the country, with more than 4 in 10 working-age New Mexicans choosing to NOT be in the workforce. We can get New Mexico back to work, make the state more attractive to military retirees, and expand our health care workforce.
“Everybody has felt the pain the last few years. 40% of our small businesses closed down, and our families feel the pinch when they sit at their kitchen tables and balance their checkbook. Too often, there’s more month than paycheck,” Ronchetti said today. “New Mexico’s best days are ahead of us and working together, we can turn our economy into one that works for YOU, and not against you.”
Read the full details of Mark Ronchetti’s Economic Recovery and Inflation Relief Plan here: https://markronchetti.com/wp-content/uploads/2022/07/NM-MR-2225-Economy-Plan.pdf
Original source can be found here.
