GRT

New Mexico Business Journal, Oct, 2001

"Any reduction in the gross receipts tax [for services, food, medical services, etc.] will result in a substantial reduction of funding of public education, which currently amounts to 50 percent of general fund revenues...New Mexico could reduce the present breadth of the GRT base by replacing it with a retail sales tax...A retail sales tax is different from a gross receipts tax in two principal ways.

First, the taxpayer is the buyer, not the seller, as is the case with the GRT. Second, only consumer transactions, not business transactions, are the subject of the tax."