By Dan Boyd, Albuquerque Journal
Oct. 18, 2019
SANTA FE – A sweeping tax package passed during this year’s legislative session will mean an income tax cut for 70% of New Mexico taxpayers with children and 29% of all those filing taxes, according to a new analysis conducted for a group that supported the tax legislation.
For a family making between $54,000 and $94,000 annually, the tax changes will lead to an average tax savings of $268 a year, according to the analysis by the Institute on Taxation and Economic Policy, a nonpartisan Washington, D.C.-based research organization.
However, the analysis does not factor in several other provisions in the tax package – including higher taxes on cigarettes and an increase in the state vehicle excise tax rate – and critics say the bill will actually cause most New Mexicans to pay more in taxes.
Read more in the Albuquerque Journal