N.M. congressional Democrats decry tax cut vote; lone Republican Pearce says
Only one New Mexican on
And if he was reluctant about it, that did not come across in his voice just moments after the bill passed the
"We're in the poor end of the economic spectrum," Rep.
A Republican from
"Unfortunately, this bill gives 83 percent of tax cuts to corporations and the top 1 percent," said Rep. Ben Ray Luján, a Democrat whose district includes
Luján and other
And in the short term,
The plan is expected to add about
That in turn will trigger federal budget cuts under a process known as sequestration, which is meant to rein in the deficit. An analysis by the
Pearce, a candidate for governor, says the tax cuts will pay for themselves by boosting businesses. And he expects members of
Luján's office would not comment without seeing a formal proposal on the cuts. But the congressman signed on to a letter with fellow
While Pearce voted for the bill,
Both of
An analysis by the left-leaning Tax Policy Center found the bill would reduce income taxes by an average of
The bill also contains at least one change that will impact some homeowners.
One will no longer allow a deduction of mortgage interest on loans above
Of the home transfers so far this year in
For Pearce, the bill will mean more cash for many families. For
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