We've been tracking the tax increase issue all week and with the help of lobbyists and lawmakers we think we have pinpointed the most likely tax hikes New Mexicans will get following the end of the 30 day legislative session that starts Tuesday.

First, a statewide hike in the gross receipts tax of either one half or one quarter per cent. If they do the half-cent, they would raise about $250 million and that would be the only one needed as it would raise the $200 million both Big Bill and key legislators want from tax hikes. The other $300 million needed to beat back the deficit would come from spending cuts.

If they do a quarter cent gross receipts tax that would take in $125 million. Then they would probably add that surtax of one percent on incomes of individuals making over $75,000 and joint filers taking in over $150,000. That gives them about $75 million. The third leg could very well be a one percent increase in the auto excise tax which would generate $34 million. That takes them over the $200 million level.

A tax package is not expected to emerge until the final hours of the session, but this outline above is what the wall-leaners are talking about. All of these hikes would probably be approved by Governor Bill with the proviso that they be passed for two or three years, not permanently.

It's the $300 million or more in needed spending cuts for the budget year that starts July 1 that seems more likely to generate the wailing and gnashing of teeth than the tax side of the deal.