Pearce Votes to Give His Well-connected Friends a Tax Break while New Mexicans Foot the Bill
New Mexico – Today, the Democratic Party of New Mexico slammed Congressman Steve Pearce for his support of the GOP tax scam that would give his well-connected friends a tax break while forcing New Mexicans to foot the bill. Pearce, who is also running for the Republican nomination for governor, voted for HR 1 a bill that would give tax breaks to the wealthiest while taking important benefits away from everyday New Mexicans.
“Pearce’s support for the Republican tax scam is deplorable. While Pearce and his friends benefit from huge tax scams, New Mexico teachers will be forced to pay for classroom supplies without relief, families with dreams of owning a home will have fewer options, students will be burdened, and everyday New Mexicans will have fewer programs. Pearce’s decision to support the GOP tax is an indication of how he’ll govern–New Mexico doesn’t need someone with poor judgment in the Governor’s office,” said Richard Ellenberg, Chair of the Democratic Party of New Mexico.
Specifically, the GOP tax scam gives multi-trillion dollar tax giveaways to the wealthiest and corporate America, while destroying key tax benefits for New Mexico families, including:
- Dismantling the State and Local Tax Deduction – imposing an unfair double tax on New Mexico families, driving down home values, and endangering local governments’ ability to fund law enforcement, schools, and health services.
- Eliminates Student Loan Interest Deduction & Lifetime Learning Credits – destroying a key deduction for young graduates and workers getting the job training they need to succeed in the 21st century economy.
- Eliminates Deduction for Classroom Supplies – forcing teachers who provide students with books, pens, and pencils to pay from their pocket without relief.
- Eliminates Medical Expense Deduction – destroying a key deduction claimed by nearly 9 million American households, which helps families with children with disabilities, long-term care needs, a need for expensive fertility treatments, and many others.
- Imposes New Limit on Mortgage Interest Deduction – assaulting the dream of homeownershipfor many New Mexicans.
An updated analysis by the non-partisan Tax Policy Center, released on November 13, found that the Republican bill coming to the House Floor will raise taxes on a staggering 36 million households across the country.