Advocates for family and children say budget provides benefits for children
NM Political Report--“They paid 40 percent less taxes just for making money on investments. We work for our money. They let their money work for them and they get a 40 percent discount on their taxes. It’s not fair and it doesn’t provide any economic benefit to the state,” Jordan said.
New Mexico has the Most-Improved Tax Fairness of Any State
Fact Sheet New Mexico now has the ninth most progressive tax system in the nation as ranked by ITEP’s recently updated Who Pays? report on tax incidence. That same report showed New Mexico as making the most progress toward tax fairness in the nation! This fact sheet explains why. (State-level data on effective tax rates by income group.)
Income-Support Programs Show Success in Reducing Poverty in New Mexico
Fact Sheet In recent years, increases and expansions of income supports have made a big difference for families who are working their way out of poverty. When the value of these programs are taken into account it is clear that families earning low incomes are receiving the supports needed to help lift them out of poverty in New Mexico. (State-level data on poverty and labor force participation rates.)
Move toward a healthier New Mexico
Santa Fe New Mexican--Nothing is more foundational to one’s well-being than one’s health. Lawmakers can help people be and stay healthy by making strong investments in programs that address health threats and inequities.
It’s time to limit this unfair tax giveaway
Fact Sheet New Mexico gives a big, unnecessary tax break to those with capital gains income. This tax break allows people to deduct 40% of their capital gains income from their state taxes, meaning this unearned income is taxed at a lower rate than the hard-earned wages and tips of ordinary New Mexicans. (State-level data on share of capital gains income by income level)
Capital gains GIF-splained: What’s wrong with this deduction and why it needs to go
This tax cut was sold to New Mexicans as the next great job-creator. But, like most trickle-down economic strategies, it failed on a massive scale. It's past time to repeal this ineffective give-away that mostly benefits those at the very top.