Democrats in a New Mexico House committee decided recently to cut and eliminate state income taxes for many working people but at the same time added a tax hike for the state’s oil producers.
The full House prepares to vote on the measure that would add an 0.28% oil and gas equalization surtax when crude prices are $55 a barrel or more. If approved, when added to the existing tax, it would raise the rate to 3.4%.
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