Feb 17 2021

Exempting Social Security Income from Taxation: Not Targeted, Not Cheap, Not Necessary

2021-02-17T15:46:27-07:00Economic Security Publications, Local Data, Publications, Tax and Budget Publications|

Fact Sheet Several proposals to exempt Social Security income from the state income tax are being considered, but none of them would be beneficial to New Mexico. This fact sheet explains why these bills: would not benefit those New Mexicans who need relief the most; are extremely costly; and are solutions in search of a problem. (State-level data on income tax payments on Social Security benefits)

Feb 11 2021

Strengthening All Communities for a Brighter Future

2021-02-10T12:45:51-07:00Economic Security Publications, Human Rights/Civic Participation Publications, Local Data, Publications, Racial and Ethnic Equity Publications|

Report Immigrants strengthen our communities in many ways - from boosting the economy and the labor force to paying millions in state and local taxes. Still, immigrants are not treated with the equity they deserve. The COVID-19 pandemic has made that more clear than ever. This report looks at the ways in which immigrants contribute, how they were excluded from federal pandemic relief, and what can be done to create a more inclusive state. (State-level data on population demographics and economic and tax contributions)

Feb 08 2021

Orphaned Wells and Inadequate Bonds: How the Oil and Gas Industry Could Soon Become a Financial Burden

2021-02-08T11:38:39-07:00Education Publications, Health Publications, Local Data, Publications, Tax and Budget Publications|

Policy Brief Overproduction, a global price war, and the COVID-19 pandemic have led many oil and gas companies in New Mexico and across the West to file for bankruptcy. This means orphaned wells – inactive wells that bankrupt companies have failed to plug – are left behind to pollute the state, which also has to pay the clean-up costs due to inadequate bonding requirements. At the same time, the pandemic has resulted in revenue shortfalls for our state budget. (State-level data on orphaned wells, estimated clean-up costs)

Feb 08 2021

We Cut Corporate Taxes in 2013, But the Jobs Did Not Follow

2021-02-08T11:17:05-07:00Local Data, Publications, Racial and Ethnic Equity Publications, Tax and Budget Publications|

Fact Sheet Profit-minded corporations will happily accept tax breaks, but tax rates aren't a big factor when they consider locating in a new state. Most of what they do consider - a well-educated and skilled workforce, modern infrastructure, good schools, etc., - are the very amenities states support with the very tax revenue that corporations try not to pay. This fact sheet makes the argument for increasing the taxes out-of-state corporations pay on the profits earned here. (State-level data on decline of corporate income tax revenue as a share of all income tax revenue)

Feb 03 2021

2020 New Mexico KIDS COUNT Data Book

2021-02-03T11:01:31-07:00Economic Security Publications, Education Publications, Health Publications, Kids Count Publications, Local Data, Publications, Racial and Ethnic Equity Publications|

Report Child well-being in New Mexico was improving. But then the COVID-19 pandemic and recession struck. This annual report provides data on numerous child well-being indicators housed under four domains (economic security, education, health, and family and security). While we don't know the full extent of the harm COVID-19 has caused our kids, some pandemic-specific data from the fall of 2020 are included. (Data on the state, county, tribal area, and school district levels on child well-being)

Feb 01 2021

Tobacco Taxes Support a Healthy Future for New Mexico

2021-02-15T17:17:13-07:00Economic Security Publications, Health Publications, Local Data, Publications, Racial and Ethnic Equity Publications|

Fact Sheet Smoking kills more people than alcohol, AIDS, car crashes, illegal drugs, murders, and suicides combined. One evidence-based way to help youth and those earning low incomes to stop or reduce smoking is to increase tobacco taxes. It also raises some of the funding needed to cover the public health care costs. (State-level data on smoking, death rates, etc.)

Jan 14 2021

It’s Time to Repeal This Unfair Tax Giveaway

2021-01-14T15:01:22-07:00Economic Security Publications, Local Data, Publications, Tax and Budget Publications|

Fact sheet New Mexico gives a big, unnecessary tax break to those with capital gains income. This tax break allows people to deduct 40 percent 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)

Dec 15 2020

Tax Policy: A Powerful Tool to Advance Racial Equity in New Mexico

2020-12-15T09:54:56-07:00Economic Security Publications, Health Publications, Local Data, Publications, Racial and Ethnic Equity Publications, Tax and Budget Publications|

Report Systemic racism isn't accidental - it's the result of public policies that benefit one group while disadvantaging others. Our state and national tax systems have been built to benefit those at the top (who are mostly white) while disadvantaging people of color. This report looks at concrete ways New Mexico can make our tax system more equitable. (State-level data on disparities in income, wealth, home ownership, and tax incidence by race and ethnicity)

Nov 10 2020

The Working Families Tax Credit Will Help New Mexico Bounce Back

2020-11-10T16:53:17-07:00Economic Security Publications, Health Publications, Local Data, Publications, Racial and Ethnic Equity Publications, Tax and Budget Publications|

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)

Nov 10 2020

New Mexico Must Step Up to Help Our Families Who are Struggling

2021-01-20T13:42:17-07:00Economic Security Publications, Local Data, Publications, Tax and Budget Publications|

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)

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