Albuquerque can’t afford to raise taxes, proposed tax hike represents a 52% increase
Albuquerque, NM – Americans for Prosperity-New Mexico (AFP-NM) today expressed its disappointment in the Albuquerque City Council for voting to increase the Gross Receipts Tax in lieu of eliminating wasteful spending and being better stewards of taxpayer resources. Gross receipts taxes are an especially damaging form of taxation that hits a business whether they make a profit or a loss. Additionally, GRTs are assessed at every stage of the production process, unlike a sales tax, which is levied at final point of consumption.
AFP-NM State Director, Burly Cain released the following statement:
“With no meaningful job growth in the past decade, it doesn’t make sense for Albuquerque to raise taxes and give businesses another reason to avoid the city. The city council could have enacted common sense spending reforms instead of imposing a 52 percent increase of the GRT. In the end, taxpayers and our economy will pay the price. We commend Brad Winters for standing up for the taxpayer by voting against this tax hike. Beginning immediately, we will educate citizens as to which lawmakers voted for a massive tax hike that increases the cost of goods and cost us jobs.”