Feb 07 2017

Internet sales tax receives bipartisan support

2024-04-04T17:10:36-06:00News Coverage, Tax and Budget News Coverage|

Santa Fe New Mexican--Republicans and Democrats on Monday threw their support behind a proposal to collect gross receipts tax from major internet retailers such as Amazon and eBay. Legislators have considered several similar proposals in recent years, but backers of House Bill 202 hope that the state’s budget crisis, a changing legal landscape and bipartisan support will send this measure to Republican Gov. Susana Martinez. She has steadfastly opposed all proposals to raise taxes.

Jan 31 2017

Dems advance latest plan to tap N.M. land grant fund

2024-04-04T17:11:49-06:00Education News Coverage, News Coverage, Tax and Budget News Coverage|

Santa Fe New Mexican--State legislators split along party lines Monday in advancing a proposed constitutional amendment that would use some of the $15 billion Land Grant Permanent Fund to help pay for early childhood education and other public education programs. The House Education Committee voted 7-6 for a plan to fund pre-K programs with an extra 1 percent from the endowment. Democrats supported the measure and Republicans opposed it. “Fifteen-billion-plus dollars — that’s almost richer than Donald Trump,” said Rep. Christine Trujillo, D-Albuquerque, in voicing her support for the measure.

Jan 18 2017

Budget woes and beyond: Legislators have work to do this session

2024-04-04T17:16:51-06:00News Coverage, Tax and Budget News Coverage|

NM Political Report--The biggest issue for legislators this session is New Mexico’s perilous financial situation—and how they plan to fill a projected $67 million budget deficit. Gov. Susana Martinez has proposed moving $268.5 million from state agencies into the general fund budget. Of that $120 million would come from local public education reserve funds. Martinez’s plan also would require state employees to pay roughly 3.5 percent more into their retirement plans.

Jan 15 2017

Oil, gas prices aren’t the only culprits in state’s revenue crisis

2024-04-04T17:20:01-06:00Blog Posts, News Coverage, Tax and Budget Blog, Tax and Budget News Coverage|

New Mexico In Depth--One thing, however, is crystal clear: the tax-cuts-for-jobs paradigm of trickle-down economics has been a massive failure. Tax cuts don’t create jobs for a number of reasons, but the two biggest are: taxes are generally a very small percentage of a business’ costs; and companies don’t hire more employees unless the demand for their goods or services has increased. Tax cuts to companies do not increase demand for their goods or services.

Jan 15 2017

Budget crisis threatens child welfare programs

2024-04-04T17:20:45-06:00News Coverage, Tax and Budget News Coverage|

New Mexico In Depth--A gaping revenue shortfall and lack of reserves have New Mexico’s legislators worried about short-circuiting the progress of large investments made in early childhood and safety net programs in recent years. A steep decline in the price of oil has contracted an industry on which New Mexico relies heavily, leading to broad layoffs, sales of oilfield equipment, foreclosures and bankruptcies. That, in turn, has gutted the cash from tax revenues state leaders counted on to pay for state operations.

Jan 14 2017

Reader View: New Mexico needs a 21st-century budget

2024-04-04T17:21:11-06:00Blog Posts, News Coverage, Tax and Budget Blog, Tax and Budget News Coverage|

Santa Fe New Mexican--There has been a lot of talk about how to fill New Mexico’s disastrous state revenue shortfall. Taxing out-of-state online merchants for purchases made in New Mexico is a common-sense fix and past due. New Mexico’s small businesses have been at a competitive disadvantage for too long. Taxing food, however? There are other ways to create revenue that make more sense in a state with the second-highest rate of food insecurity among children. But the bigger issue is that New Mexico’s tax code needs a more fundamental fix.

Jan 12 2017

LFC budget proposal sets up clash with governor

2024-04-04T17:21:38-06:00News Coverage, Tax and Budget News Coverage|

Santa Fe New Mexican--The chairman of the New Mexico Legislature’s budget-writing committee said Wednesday that, unlike the governor, he will not push to close the state’s current deficit by requiring public employees pay a greater share of their salaries into their pension accounts nor drain about $125 million in cash reserves from local school districts. The comment by Sen. John Arthur Smith, D-Deming, came as the Legislative Finance Committee unveiled its proposals for covering a projected revenue shortfall in the current fiscal year and for further squeezing of already tight finances for the budget year that starts July 1.

Dec 22 2016

Beyond the food tax: Legislators aim for an overhaul of the system

2024-03-27T11:56:38-06:00News Coverage, Tax and Budget News Coverage|

Media coverage of planned tax legislation has so far focused on one hot-button topic of the proposal—reinstating a state tax on food. Santa Fe Archbishop John C. Wester and advocacy groups like New Mexico Voices for Children have vocally opposed the idea. But the two state representatives behind the proposal have not actually filed any legislation on the matter for the session that begins in January. Legislators could begin introducing bills on Dec. 15.

Dec 20 2016

Archbishop attacks effort to reinstate food tax

2024-03-27T11:54:10-06:00Health News Coverage, News Coverage, Tax and Budget News Coverage|

SANTA FE, N.M. — Archbishop of Santa Fe John C. Wester on Tuesday was joined by a number of advocates for children and families to denounce attempts by some state legislators to reinstate the food tax. “Our neighbors are hungry,” he told a group at the Catholic Center in Albuquerque. “At this time as we prepare for Christmas, countless nonprofits and civic organizations work to fill food baskets, but some legislators want to take food out of another basket, the grocery basket with their proposed food tax.”

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