Albuquerque, NM (KKOB) — On Monday New Mexico’s Republican gubernatorial nominee, former Rio Rancho Mayor Gregg Hull, on announced his plan to gradually phase out the state’s personal income tax if he’s elected governor. His four-step plan over the course of four years. The plan’s first step would reduce income tax for a single filer with a $40,000 salary from $1,471 to $671, he said. Similarly, it would reduce annual income tax for a married couple filing jointly with a $200,000 income from $8,989 to $7,250. In the plan’s fourth and final step, no New Mexicans would continue to pay a state income tax. Hull said he wouldn’t seek to institute additional taxes to replace the state’s lost income tax revenue, and that he would seek to limit state spending. The state manages a sovereign wealth fund that’s on track to be the largest in the nation by the end of the decade. In addition, Hull said he wants to rein in the state’s spending, he added that he is not “looking to target” or cut programs — although he said he wants to rectify the state’s high SNAP error rate.
