NM governor: Tax increase inevitable next year

Nov 3rd, 2009 - Boston

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SANTA FE, N.M.—Gov. Bill Richardson predicted that New Mexicans will face higher taxes next year to deal with the state's continuing budget problems.

"It's inevitable," Richardson said Monday at a news conference. "It's very painful."

The Democratic governor has opposed tax increases, such as repealing more than $300 million in personal income tax cuts enacted in 2003. The governor supported the reductions in the top income tax rates as an economic development tool to help attract industries with high-paying jobs.

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