SANTA FE, NM—Today, Representative Jim Townsend (R-Artesia) introduced a substitute bill for House Democrats’ tax bracket changes, offering New Mexicans unprecedented and monumental tax cuts that would have put more money in the pockets of the taxpayer.

The substitute bill would have stopped House Democrats from taking away the capital gains deduction, which directly targets investors and retirees in New Mexico. It also created a 1% flat personal income tax rate for every New Mexican, providing tax relief of thousands of dollars a year for families across the state.

Rep. Townsend stated, “Today, the New Mexico House of Representatives turned their back on New Mexico taxpayers, refusing to share the excess tax revenue. The families of New Mexico are hurting, and they need help. We have the capacity to help them but with a $3.5 billion surplus, House Democrats would rather grow the government than fortify families.”

The final vote was on party lines, and it is loud and clear where NM Democrats stand; they believe that your money is theirs and will spend it how they see fit, disregarding what is best for you and your family.