New Mexico
GOP-Trump Tax Framework Would Provide Richest One Percent in New Mexico with 48.5 Percent of the State’s Tax Cuts
October 4, 2017 • By ITEP Staff
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in New Mexico equally. The richest one percent of New Mexico residents would receive 48.5 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $443,700 next year. The framework would provide them an average tax cut of $45,910 in 2018, which would increase their income by an average of 3.6 percent.
New Mexico Voices for Children: The Trump Tax Plan Isn’t ‘Reform.’ Here’s Why:
September 1, 2017
In April the Trump administration released a sketchy outline of their half-baked ideas for tax changes. An analysis by the Washington, D.C.-based Institute for Taxation and Economic Policy (ITEP) of that back-of-the-envelope ‘plan’ found that nearly half (48 percent) of Trump’s proposed tax cuts would go to millionaires. Millionaires make up only 0.5 percent of the U.S. population.
New Mexico Voices for Children: Trump Tax Plan Does Little for NM’s Middle Class
August 31, 2017
Average New Mexicans would not benefit much from President Trump’s tax reform proposal, which would give the biggest tax breaks to New Mexico’s millionaires. That’s according to a report released recently by the Institute on Taxation and Economic Policy (ITEP).
In New Mexico 35.3 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
August 17, 2017 • By ITEP Staff
A tiny fraction of the New Mexico population (0.3 percent) earns more than $1 million annually. But this elite group would receive 35.3 percent of the tax cuts that go to New Mexico residents under the tax proposals from the Trump administration. A much larger group, 47.5 percent of the state, earns less than $45,000, but would receive just 5.8 percent of the tax cuts.
Trump Tax Proposals Would Provide Richest One Percent in New Mexico with 42 Percent of the State’s Tax Cuts
July 20, 2017 • By ITEP Staff
Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in New Mexico would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,264,600 in 2018. They would receive 42 percent of the tax cuts that go to New Mexico’s residents and would enjoy an average cut of $73,070 in 2018 alone.
State Rundown 6/7: Kansas Success Story and Other State News
June 7, 2017 • By ITEP Staff
This week, we celebrate a victory in Kansas where lawmakers rolled back Brownback's tax cuts for the richest taxpayers. Governors in West Virginia and Alaska promote compromise tax plans. Texas heads into special session and Vermont faces another budget veto, while Louisiana and New Mexico are on the verge of wrapping up. Voters in Massachusetts may soon be able to weigh in on a millionaire's tax, the California Senate passed single-payer health care, and more!
State Rundown 5/18: Tax Debate Heat Wave Hitting States
May 18, 2017 • By Meg Wiehe
This week saw tax debates heat up in many states. Late-session discovered revenue shortfalls, for example, are creating friction in Delaware, New Jersey, and Oklahoma, while special sessions featuring tax debates continue in Louisiana, New Mexico, and West Virginia. Meanwhile the effort to revive Alaska's personal income tax has cooled off.
New Mexico Voices for Children: NM’s Working Families Tax Credits
January 30, 2017
As a group, those who claim the EITC and WFTC pay a large share of their incomes in taxes. In fact, in addition to the federal payroll taxes they pay, New Mexico’s lowest-income households pay a larger share of their income in state and local taxes than the households in every other income group. Those […]
Las Cruces Sun-News: Posich: Budget must address needs of NM families
February 17, 2016
There are also ways to rebalance our tax structure to make it less heavily reliant on working families. According to the Institute on Taxation and Economic Policy, the lowest income New Mexicans are paying a higher percentage of their income on overall taxes than the highest income households. We could modify capital gains deductions […]
Albuquerque Journal: Legislature must change course fast
February 12, 2016
“There are also ways to rebalance our tax structure to make it less heavily reliant on working families. According to the Institute on Taxation and Economic Policy, the lowest-income New Mexicans are paying a higher percentage of their income on overall taxes than the highest-income households. We could modify capital gains deductions that do not […]
Daily Lobo: Letter: Support for Trump’s Hatred of Immigrants Not Backed by Facts
August 17, 2015
An economic perspective: The Partnership for a New American Economy found that immigrants started 28 percent of new U.S. businesses in 2011, though they account for only 13 percent of the population. Disproportionately more New Mexico business owners (12.6 percent) are immigrants (10 percent of the state’s population). A new study by the Institute on […]
New Mexico Voices for Children: Why the poor pay the highest tax rate in New Mexico–and one step toward a fix
January 21, 2015
It’s widely agreed that the poorest among us should not pay the highest tax rate, but in New Mexico (as in most states) they do. State and local taxes—particularly sales and property taxes (shown in the light blue and orange bars in the graphic below)—take up a higher percentage of incomes at the lowest end […]
Santa Fe New Mexican: Tax system puts big burden on low-paid
January 16, 2015
According to a new report, New Mexico tax policy is moving in the wrong direction, as a reduction in corporate taxes coupled with increases in gross receipts taxes is putting a greater share of the burden of financing public services on working families. The report, “Who Pays,” released Wednesday by the Institute on Taxation and […]
KRWG: New Mexico Among States With Most Unfair Tax Systems
January 15, 2015
“A new study released today by the Institute on Taxation and Economic Policy (ITEP) ranks New Mexico 17th in the nation in terms of having an unfair state and local tax system. This means that 33 states have tax systems that are considered more equitable than ours. The study, Who Pays?, analyzes tax systems in […]
New Mexico Voices for Children: Expanding New Mexico’s Working Families Tax Credit Would Generate Economic Activity and Help Hard-Working Families
November 3, 2014
New Mexico’s Working Families Tax Credit not only lifts tens of thousands of low-income families out of poverty each year, it also generates economic activity because the money is spent quickly and locally. Increasing the value of the credit would help with New Mexico’s sluggish recovery and cost the state much less than recently enacted […]
New Mexico Voices for Children: New Mexico’s Capital Gains Deduction: A Capital Loss for New Mexicans
July 31, 2014
Legislation enacted in 2003 that allows New Mexicans with capital gains income to deduct half of that income from their state taxes has failed as an economic development tool. Further, it makes the state’s overall tax system lean more heavily on low-income families and exemplifies the need for a more robust accounting of tax giveaways. […]
New Mexico Voices for Children: Citizen’s Guide to New Mexico’s Tax System
July 31, 2014
Citizen’s Guide to the New Mexico State BudgetThis guide focuses on the operating budget—the annual spending for ongoing programs and services that affect the lives of every New Mexico resident. Read the Full Report (PDF)
KSFR: Nuestra America July 16
July 18, 2013
(Original Post) Gerry Bradley, Research Director of New Mexico Voices for Children, discusses a new report on Tax Contributions of undocumented immigrants in the United States and New Mexico
Santa Fe New Mexican: Immigration reform would boost state’s tax revenues by $6M
July 11, 2013
(Original Post) Posted: Wednesday, July 10, 2013 7:00 am By Adele Oliveira The New Mexican A study released Wednesday by the Institute on Taxation and Economic Policy says comprehensive immigration reform would increase New Mexico’s annual tax revenue by $6 million and national tax revenue by $2 billion. Titled “Undocumented Immigrants’ State and Local Tax […]
Albuquerque Journal: Tax package came out of thin air at last minute
March 29, 2013
(Original Post) By Stephanie S. Maez / Executive Director, Center for Civic Policy on Fri, Mar 29, 2013 Shock and awe would be a fair description of the surreal feeling experienced by those who witnessed the waning moments of the 2013 legislative session. That’s when a multi-million dollar tax package suddenly materialized and, with no […]
New Mexico Voices for Children: Immigrants and the New Mexico Economy: Working Hard for Low Wages
January 15, 2013
The current debate over immigration – and particularly over immigrants without legal residency status – often centers on whether or not this group of people contributes to the economy or diminishes it. A 2006 Fiscal Policy Project report, “Undocumented Immigrants in New Mexico: State Tax Contributions and Fiscal Concerns,” concluded that undocumented immigrants contribute more […]
New Mexico Voices for Children: Revenue Generators
January 14, 2013
The current debate over immigration – and particularly over immigrants without legal residency status – often centers on whether or not this group of people contributes to the economy or diminishes it. A 2006 Fiscal Policy Project report, “Undocumented Immigrants in New Mexico: State Tax Contributions and Fiscal Concerns,” concluded that undocumented immigrants contribute more […]
Silver City Sun-News: Food, income tax proposals part of NM budget fight
January 4, 2013
(PDF of Original Post) By Barry Massey The Associated Press Posted: 12/28/2009 01:00:00 AM MST SANTA FE – The wealthiest New Mexicans have benefited the most from recent state tax changes, according to a study providing ammunition for those advocating higher income taxes to solve a budget shortfall. Gov. Bill Richardson and lawmakers are looking […]
The New Mexico Independent: Report shows New Mexico has a regressive tax system
January 4, 2013
(PDF of Original Post) By Marjorie Childress 11/19/09 10:45 AM A report released this week by the Institute on Taxation and Economic Policy provides state by state comparisons of how regressive or progressive a state’s tax system is. The analysis of New Mexico is found on pages 78 and 79, and shows that the state […]
Public News Service: NM Budget Deal Details Emerge, Report Looks at Other Revenue Options
January 4, 2013
(PDF of Original Post) SANTA FE, N.M. – More details of a reported budget deal emerged as lawmakers made their way back to Santa Fe for the special session that began Monday afternoon. They include a funding cut of about two percent for most state agencies for next year, and a one-percent cut to public […]
