New Mexico Republican Gov. Susana Martinez could get a political boost after managing to secure a major cut in business taxes from her state’s Democratic-ruled legislature in March.
Following weeks of late-night negotiations with Democratic lawmakers, Martinez got what she wanted: a gradual cut in the income tax rate for companies from 7.6 percent to 5.9 percent over the next five years.
Although business taxes account for only 2 percent of state revenue, the governor’s supporters feel that the step could lead to new businesses locating in the Land of Enchantment.
New Mexico was “long reliant on federal funding [and] under pressure to diversify its economy beyond centrally-funded laboratories and military bases,” the London-based Financial Times noted recently.
Should the tax cut prove fruitful, one should not be surprised to find the 53-year-old Martinez — who is a cinch for re-election next year — boomed for the national Republican ticket in 2016.
John Gizzi is a special columnist for Newsmax.com.
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