Governor Richardson’s Tax Record
By State Senator Rod Adair, R-Roswell
Updated May 2005
The figures shown below are cumulative and reflect the total
tax record for three full fiscalyears, through Fiscal Year
2006. So at this point we can see the full effect of Richardson'stax
policies through June 30, 2006 -- 3˝ years into his first term.
Governor Richardson is a net tax-increaser by a substantial
margin -- $174 Million. Furthermore, there is nothing he can
possibly do to reverse his upside-down position until the 2006
legislative session, next January. This means that if he is
ever to become a tax-cutting governor, he cannot possibly do that
until FY 2007, which begins July 1, 2006 andends on June 30, 2007,
a full six months into what would be his second term (or possibly
the first six months of his retirement).
| Table 1 - Governor Richardson’s Tax Reductions |
| Income Tax |
$ 242 Million |
| Food & Medical Services Gross Receipts Tax |
209 Million |
| Capital Gains Tax |
30 Million |
| Unemployment Tax |
61 Million |
| Miscellaneous tax reductions |
25 Million |
| Total Tax Reductions, FY 2004 and 2005 |
$ 567 Million |
| Table 2 - Governor Richardson’s Tax
Increases |
| Gross Receipts Tax increase, non food items |
$210 Million |
| Insurance Premium on Medicaid |
96 Million |
| Gasoline tax |
19 Million |
| Special fuels tax (diesel) |
28 Million |
| Redefinition of “Residency” |
12 Million |
| Cigarette Tax |
137 Million |
| Out-of-state oil and gas tax |
3 Million |
| Increase vehicle registration fees |
48 Million |
| Nursing Home Bed Tax |
45 Million |
| Weight/Distance Fee increase for trucks/trans. |
48 Million |
| Delay income tax cuts (2006 tax year) |
33 Million |
| Health Insurance Premiums Tax increases |
36 Million |
| Pharmaceutical Business license fees |
6 Million |
| NM Livestock Board Fees |
3 Million |
| Property Tax, county general health |
2 Million |
| Gasoline Distributors Tax |
4 Million |
| Miscellaneous Taxes and fees |
11 Million |
| Total Tax Increases, FY 2004 and 2005 |
$ 741 Million |
| Table 3 - Total Net Tax Changes
FY 2004 through 2006 |
| Total Tax Increases FY 2004 through 2006 |
$ 741 Million |
| Total Tax Reductions FY 2004 through 2006 |
- 567 Million |
| Total Net Tax increases FY 2004 through 2006 |
= $ 174 Million |
|
