NEW MEXICO'S TAX CODE IS BROKEN, AND SOMETHING NEEDS TO BE DONE ABOUT IT. THAT FROM SANTA FE DEMOCRATIC SENATOR PETER WIRTH WHO ACKNOWLEDGES IT'LL BE A DIFFICULT TASK. HE TELLS 770 KKOB THE STATE HAS TOO MANY EXEMPTIONS, DEDUCTIONS AND CREDITS…TOTALLING CLOSE TO A BILLION DOLLARS A YEAR.
HE SAYS THE CODE HAS A HIGH RATES AND LOTS OF EXEMPTIONS. BUT IF YOU DON'T HAVE ONE OF THOSE EXEMPTIONS OR DEDUCTIONS, YOU'RE AT A DISADVANTAGE.
WIRTH SAYS THE RESULT OVER THE PAST 40 YEARS OR SO HAS BEEN A SERIOUS NARROWING THE NEW MEXICO'S TAX BASE. HE SAYS MEMBERS OF BOTH PARTIES REALIZE THE TAX CODE NEEDS TO BE FIXED.
