Special Interest Taxes

From the Institutional Investor:

Hedge Funds Among The Tumbleweed Source: InstitutionalInvestor.com

New Mexico doesn't currently come to mind as a hedge fund hub, but that may change. The state Senate has unanimously passed a bill that would eliminate the gross-receipts tax imposed on wholesale broker transactions and management fees used to operate a fund. And this could be a big deal, as the tax rate ranges from 5.125% to 7.8125%., depending on the county and municipality. Sponsored by state Sen. Sue Wilson Beffort (R-Albuquerque) the bill – part of a tax-reduction plan proposed by Gov. Bill Richardson – is intended to attract hedge funds and mutual fund firms to the state. Despite its unanimous approval, however, another Republican from Albuquerque, Sen. William Payne, opposed the bill, recommending an overhaul of the entire tax code rather than "special interest exceptions" that don't benefit the average New Mexican.


Put simply, kudos to William Payne for trying to do what's right. Then again, since it was unanimous, does that me said Mr. Payne voted for it despite his opposition to it? Regardless, shame on the rest of you silly, sold out New Mexican politicians.