April 17, 2018

New Mexico Voices for Children: Celebrate Democracy- It’s Tax Day!

ITEP Work in Action

While it’s easy to tick off a list of the things we enjoy that are paid for out of our taxes, paying taxes is really a moral duty that we all participate in. It is a contract that we honor collectively because it’s the way we invest in our communities. In fact, some research shows that Americans see being a taxpayer as a role worthy of pride and respect. Unfortunately due to the Tax Cuts and Jobs Act (TCJA) signed into law last December—not to mention the many trickle-down tax cuts that came before it—the responsibility of paying taxes is not distributed equitably. Namely, the tax cuts that were enacted largely benefit the wealthy and large corporations, according to an analysis done by the Institution of Taxation and Economic Policy on the TCJA. For example, the top 1 percent will receive the lion’s share of the tax cut in nearly every state—and New Mexico is no exception.  New Mexican families with the highest incomes—those with incomes in the top 40 percent—will get 85 percent of New Mexico’s total tax cut. Far more than the 15 percent that the majority of us—those with incomes in the bottom 60 percent—will receive.

Read more here