New Mexico can be all it can be with diversified tax system
Deming Headlight--Tuesday’s meeting of the Revenue Stabilization & Tax Policy Committee included a sobering reminder of the urgent need to find more stable revenue, but it also provided cause for hope – by reforming an unstable, inequitable tax structure, New Mexico can better serve the state’s children and future.
New Mexico tax policy: Here’s what experts are saying needs to change
Las Cruces Sun-News--Their top recommendation was to restore income tax rates to the level they were before the cuts of 2003. Those cuts have cost the state $500 million a year, and have gone disproportionately to those with the highest incomes, Wallin said. A family earning $25,000 a year now pays the same rate as one earning $250,000, she said.
Report shows N.M. families struggle with food insecurity, depression
Santa Fe New Mexican--James Jimenez, executive director of New Mexico Voices for Children, an Albuquerque-based nonprofit that works with the Annie E. Casey Foundation, said the New Mexico Legislature’s recent approval of relief measures for small businesses and residents will help mitigate those issues. However, he said, Congress also needs to enact legislation providing more help to families.
Report: NM Can Improve Racial Equity with Targeted Tax Policies
Many of our state and nation’s systemic racial inequities are the result of public policies that benefit some groups while disadvantaging others. Such policy is even found in our tax codes, but by changing them, New Mexico can begin to build a more equitable future.
Tax changes weighed to ease revenue volatility
Albuquerque Journal--He said he would support a bill to expand the state’s Working Families Tax Credit during the coming session, adding, “I think there’s a commitment not to repeat the mistakes of the past.” The nonprofit group New Mexico Voices for Children also called Tuesday for an expansion of the Working Families Tax Credit, which reduces state income tax liability for low-income residents.
Fueling an Equitable Recovery
Policy Brief Before COVID-19 hit, New Mexico was moving steadily forward on a path to more broadly shared prosperity. But our over-reliance on revenue from oil and gas extraction put a dent in our economy even before the pandemic and resulting recession. Legislators must enact policies that stabilize our revenue streams while improving racial equity via our tax code. Their best options for doing so are listed in this policy brief.