from the New Mexico News Connection - A statewide news service for New Mexico
Santa Fe – New Mexico's senior senator,Jeff Bingaman, sees a possible compromise on the about-to-expire Bush tax cuts, but he says a temporary across-the-board extension isn't it. He says finding a middle ground between Democrats and Republicans might be possible when it comes to what to do about the soon-to-expire Bush tax cuts. Senator Bingaman believes a compromise could come about between those who want the tax cuts extended for all Americans and those, like the President, who believe they should be allowed to expire for high-income earners. But he says the more recent idea of temporarily extending the lower tax rates for all Americans would be bad news for the deficit, "It's essentially giving away to very wealthy individuals, funds the federal government doesn't currently have."
Many fiscal policy analysts in New Mexico say they would like to see the tax cuts kept in place for middle-class and lower-income earners because those are the people that need the most financial help. Those who want to see them also kept in place for the wealthy argue that they would help create more jobs in the long run. Bingaman argues that phasing out the tax cut for high-income earners is the responsible thing to do, "Finding some way not to extend the tax cuts for income above a certain amount, whether it's 250 or 500,000, or a million dollars, probably is a better policy position."
Eric Mack reporting, firstname.lastname@example.org