FARMINGTON — Farmington's representatives in Santa Fe are proposing lowering gross receipts tax to about 2 percent throughout the state and cutting existing exemptions.
Rep. Tom Taylor and Sen. Bill Sharer, of Farmington, say the proposal will allow the state to eliminate personal and corporate income taxes, and so-called “special sales taxes.”
“The idea is that this is a revenue neutral bill, and it spreads (the tax base) out over a much wider range,” Sharer said.
For Sharer and Taylor, this proposal is about fixing the state's dysfunctional tax system.
“Over the years, we have continued to narrow the (tax) base and raise rates,” Sharer said. “We have a number of credits and deductions. It's a continuing problem.”