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
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in New Mexico with 48.5 Percent of the State’s Tax Cuts
-
ITEP Work in Action September 1, 2017 New Mexico Voices for Children: The Trump Tax Plan Isn’t ‘Reform.’ Here’s Why:
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.
-
ITEP Work in Action August 31, 2017 New Mexico Voices for Children: Trump Tax Plan Does Little for NM’s Middle Class
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).
-
August 17, 2017 In New Mexico 35.3 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
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.
-
July 20, 2017 Trump Tax Proposals Would Provide Richest One Percent in New Mexico with 42 Percent of the State’s Tax Cuts
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.
-
blog June 7, 2017 State Rundown 6/7: Kansas Success Story and Other State News
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!
-
blog May 18, 2017 State Rundown 5/18: Tax Debate Heat Wave Hitting States
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.
-
ITEP Work in Action January 30, 2017 New Mexico Voices for Children: NM’s Working Families Tax Credits
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,… -
media mention February 17, 2016 Las Cruces Sun-News: Posich: Budget must address needs of NM families
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… -
media mention February 12, 2016 Albuquerque Journal: Legislature must change course fast
“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… -
media mention August 17, 2015 Daily Lobo: Letter: Support for Trump’s Hatred of Immigrants Not Backed by Facts
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… -
ITEP Work in Action January 21, 2015 New Mexico Voices for Children: Why the poor pay the highest tax rate in New Mexico–and one step toward a fix
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… -
media mention January 16, 2015 Santa Fe New Mexican: Tax system puts big burden on low-paid
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… -
media mention January 15, 2015 KRWG: New Mexico Among States With Most Unfair Tax Systems
“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… -
ITEP Work in Action November 3, 2014 New Mexico Voices for Children: Expanding New Mexico’s Working Families Tax Credit Would Generate Economic Activity and Help Hard-Working Families
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… -
ITEP Work in Action July 31, 2014 New Mexico Voices for Children: New Mexico’s Capital Gains Deduction: A Capital Loss for New Mexicans
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,… -
ITEP Work in Action July 31, 2014 New Mexico Voices for Children: Citizen’s Guide to New Mexico’s Tax System
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.… -
media mention July 18, 2013 KSFR: Nuestra America July 16
(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 -
media mention July 11, 2013 Santa Fe New Mexican: Immigration reform would boost state’s tax revenues by $6M
(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… -
media mention March 29, 2013 Albuquerque Journal: Tax package came out of thin air at last minute
(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… -
ITEP Work in Action January 15, 2013 New Mexico Voices for Children: Immigrants and the New Mexico Economy: Working Hard for Low Wages
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… -
ITEP Work in Action January 14, 2013 New Mexico Voices for Children: Revenue Generators
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… -
media mention January 4, 2013 Silver City Sun-News: Food, income tax proposals part of NM budget fight
(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… -
media mention January 4, 2013 The New Mexico Independent: Report shows New Mexico has a regressive tax system
(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… -
media mention January 4, 2013 Public News Service: NM Budget Deal Details Emerge, Report Looks at Other Revenue Options
(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…