Governor Richardson’s Positive Legacy: The Economic Impact of 2003 Tax Cuts

The Rio Grande Foundation has spent a lot of time and energy opposing various aspects of Gov. Richardson’s agenda such as the Rail Runner and Spaceport). However, Richardson is also one of the most significant tax cutting governors of his times.

His income tax cuts alone took income taxes from a top rate of 8.2% to 4.9%. In its policy paper, “Governor Richardson’s Positive Economic Legacy: New Mexico Personal Income Growth Shows Upward Prosperity since 2003 Tax Cuts” the Rio Grande Foundation analyzes the impact of these tax cuts on New Mexico’s economy.