Between Worlds, by Bill Richardson: on Tax Reform

Cut NM capital gains tax & income tax from 8.2% to 4.9%

I was convinced that tax cuts would improve the prospects for keeping talented people and businesses, attracting new enterprises, and kick-starting the entire state economy. Our state personal income tax before I got elected was more than 8 percent. Taking on the tax issue would reinforce the idea that I was a different kind of Democrat.

The legislature took up my tax package, which included the four-year cut in the personal income tax from 8.2% to 4.9 percent and a 50% cut in the capital gains tax, and the package passed the House without a single dissenting vote and the Senate by a margin of 39 to 2. I signed it into law on Valentine's Day, 2003.

Source: Between Worlds, by Bill Richardson, p.304-306 Nov 3, 2005

*The above quotations are from Between Worlds: The Making of an American Life, by Bill Richardson, with Michael Ruby.* Click here for definitions & background information on Tax Reform. Click here for more quotes by Bill Richardson on Tax Reform.
*2008 Presidential contenders on Tax Reform:*
*Republicans:* Chmn.John Cox Mayor Rudy Giuliani Gov.Mike Huckabee Rep.Duncan Hunter Sen.John McCain Rep.Ron Paul Gov.Mitt Romney Sen.Fred Thompson	*Democrats:* Sen.Hillary Clinton Sen.John Edwards Sen.Mike Gravel Rep.Dennis Kucinich Sen.Barack Obama	*Third Parties:* Green: Rep.Cynthia McKinney Socialist: Brian Moore Independent: Mayor Mike Bloomberg
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