Dist. 43 Rep. Stephanie Garcia Richard
SANTA FE – During Monday’s debate for House Bill 229, a proposal to help working families failed. The Working Families Tax Credit and Capital Gains Amendment, sponsored by Rep. Bill McCamley, D-Mesilla, would have rolled back the Capital Gains tax breaks and raised the New Mexico Working Families Tax Credit from 10 percent to 17 percent of the Federal Earned Income Tax Credit.
House Democrats argued that trickle-down economics have proven year after year to fall short of promises to build a robust economy. The Working Families Tax Credit was modeled after the federal Earned Income Tax Credit and has been well documented to uplift individuals out of poverty. They contended there was no research that showed that Capital Gains tax breaks create jobs or improve the economy, unlike the tax credit that guarantees more dollars being spent locally.
Rep. Stephanie Garcia Richard, D-Los Alamos joined in supporting the measure that failed 30-38. She released the following statement:
“Our families are suffering and with Republican leadership’s refusing to hear any legislation that could create jobs, I made a decision to support a measure to put thousands of dollars back in the hands of our teachers, police officers, soldiers and nurses.
“It is time to address the fact that we are first in poverty, first in unemployment, last in childhood well-being and that starts with ensuring that working families receive a fair share of tax credits to help them thrive. History has shown that an increase in the Working Families Tax Credit injects more money and jobs into the economy than the current capital gains.”