El proporcionar ayuda a los más necesitados de nuestras comunidades es una parte esencial para que nuestro sistema tributario sea más equitativo y asegurar que todas/os los nuevomexicanos puedan sobrevivir durante la pandemia y prosperar después.
“Moving forward, we think New Mexico needs to continue investing in the programs that create opportunities for our families,” she said, adding that meeting basic needs such as food assistance, health care, child care and housing will be crucial.
Fact Sheet New Mexico's Working Families Tax Credit has long helped families who work hard but are struggling to make ends meet. Given the crises of the pandemic and its resulting recession, it's time to increase and improve this proven anti-poverty solution. (State-level data on the benefits of this tax credit)
Fact Sheet Families need economic relief now, and this state rebate can provide relief for those who need it most. But it hasn't been updated in more than two decades. Improving this rebate would make our tax system more equitable and ensure that all New Mexicans can survive through and thrive after the pandemic. (State-level data on child well-being and impacts of the tax rebate)
The Affordable Care Act not only allowed millions of Americans to receive health insurance, it also improved public health and helped close the health disparity gap for people of color. Part 1 in this 2-part blog series looks at how the ACA benefitted New Mexicans.
“While they’re considering exemptions and deductions, they should also be considering some of the poor tax policy decisions the Legislature has made in the past,” said James Jimenez, executive director of New Mexico Voices for Children, referring to cuts in personal and corporate income taxes more than a decade ago.
The fact is the entire federal leasing system is dramatically outdated and in need of wholesale reform. Look no further than BLM’s New Mexico sale in August to see why someone with no experience in oil and gas development – was able to snatch up a third of the leases offered for next to nothing.
Economic analysts warned that New Mexico could be unable to rely on its oil and gas industry as the market continues to struggle amid the COVID-19 pandemic. Lease fees, royalty payment and taxes from oil and gas operations accounted for about 30 percent of the state’s budget in recent years, per a recent study from the Institute for Energy Economics (IEEFA) and Financial Analysis.
The oil and gas industry is in decline – and has been for at least a decade – according to a new economic report from the Institute for Energy Economics and Financial Analysis (IEEFA). This isn't the fault of the coronavirus, but the pandemic has helped underscore some of the industry's problems.
“Once again low oil and gas prices are causing shortfalls in dollars needed in the state budget for our schools, public safety, health care, and more. The IEEFA report released today makes it clear that we cannot simply blame COVID-19 for our revenue shortfall and expect New Mexico to recover when the pandemic subsides."