PRESS
RELEASE
June
30, 2006
FOR IMMEDIATE RELEASE
CONTACT:
Bob McIntyre, Citizens for Tax Justice
(202) 299-1066 ext. 22
OR:
Sharon Kayne, Communications Director, New Mexico Voices for
Children
505-244-9505 ext. 30 (p), 505-401-8709 (c), skayne@nmvoices.org
Report:
Most New Mexicans Lose Under Bush Tax-and-Spend Policies
ALBUQUERQUE-The
tax cuts championed by President Bush and passed by Congress
have been a real boon to New Mexicans - at least the wealthiest
top 1 percent. The deficit spending hasn't hurt their bottom
line either. But for the rest of us - 99 percent of all New
Mexicans - Bush's tax-and-spend policies come with a big bill.
So
says a new report by Citizens for Tax Justice, a public interest
research and advocacy organization out of Washington, D.C. The
report, "99% of New Mexicans Are Net Losers Under Bush
Tax and Spend Policies" (attached as a pdf), follows the
Bush tax cuts and deficit spending from 2001 to 2006. In that
time, the average middle-income New Mexican got:
·
A tax cut of $1,883.
· An added share of the national debt of $9,242 (lost
revenue + deficit spending).
· For a net deficit of $7,359 per person (or $29,436
for a family of four).
At
the same time, the wealthiest 1 percent of New Mexicans (those
whose average income is $677,000) got:
·
A tax cut of $50,630.
· An added share of the national debt of $36,179.
· For a net gain of $14,450 per person.
In
other words, "for every $1.00 in tax cuts the federal government
has given you over the past six years, you're going to get a
bill for $4.29," the report states. Unless you make more
than half a million dollars a year, in which case your share
of the national debt is covered by your tax cut, and then some.
Fact
sheets for all 50 states and the nation are available at http://www.ctj.org/debt.htm
###
New
Mexico Voices for Children is a nonprofit organization advocating
for policies to improve the health and well-being of New Mexico's
children, families and communities.
2340 Alamo SE, Suite 120, Albuquerque, NM 97106; 505-244-9505;
www.nmvoices.org
