The Working Families Tax Credit is a Smart Investment in a Healthier New Mexico
Fact Sheet Increasing the Working Families Tax Credit would put another $52 million back into the hands of New Mexico’s hard-working families – and the businesses where they will spend it. It also has been shown to improve school performance and health, among other outcomes.
New Mexico’s Working Families Tax Credit and the Federal Earned Income Tax Credit
Report Tax credits for low- and moderate-income working families are a common-sense way to spur economic activity by putting money into the hands of consumers who will spend it. They have also been shown to improve health outcomes. These are just some of the reasons New Mexico should increase its Working Families Tax Credit. (State-, county- and legislative district-level data on who claims the WFTC and how much they receive)
Restoring fairness to the personal income tax
Fact Sheet In 2003, the Legislature gave big tax cuts for those with the highest incomes. This, along with tax cuts for corporations that were passed later, has made us too reliable on revenue from oil and gas. It’s also made our tax system less fair. This fact sheet explains.
Big corporations must pay their fair share
Fact Sheet Ten years after slashing income tax rates for the well-connected, the Legislature compounded this failed strategy by passing tax cuts for out-of-state corporations. This failed miserably and resulted in a huge loss of revenue. This fact sheet explains the problem and the fix.
Improving College Affordability in New Mexico
Fact Sheet Thanks to large budget cuts over the past decade, college tuition in New Mexico has risen sharply. At the same time, the state's main source of financial aid -- the Lottery Scholarship -- has failed to keep up with rising costs and now covers less than half of average tuition costs. This fact sheet covers the top points from the companion report, Improving College Affordability. (A Working Poor Families publication)
Improving College Affordability to Support New Mexico’s Education, Workforce, and Economic Goals
Report States that graduate more college students and ensure that their workers have the skills needed for 21st century jobs have stronger and more competitive economies, higher wages, lower unemployment rates, and lower poverty rates. But New Mexico has not been focused on improving access to post-secondary credentials for lower-income students and older adults that would help lead to a more broadly shared prosperity. Rather, the state is ignoring long-term economic demands, choosing, instead, to continue to be a low-wage state with the highest long-term unemployment rate, have the highest poverty rate among the employed, and have the second worst student loan default rate in the nation. (A Working Poor Families report; state-level data on state-funded financial aid and some characteristics of college students)
Tax and Jobs Analysis of San Juan Generating Station Closure
Report The San Juan Generating Station in Waterflow, New Mexico, is slated for closure in 2022. Closure of both the mine and plant will eliminate approximately 450 jobs and result in the loss of tax revenue for San Juan County, San Juan Community College, and the local school district. This analysis shows that the complex is a good candidate for redevelopment as a solar photovoltaic plant, saving jobs and tax revenue. (State-level estimates of the fiscal and economic impacts of closing the San Juan Generating Station.)
A new Child Tax Credit would put us on the road to a stronger New Mexico
Fact sheet New Mexico’s tax system is upside down—most New Mexico families pay more than twice the rate in state and local taxes than the wealthiest pay. A new state-level Child Tax Credit would help hard-working families and make our tax system more fair. (State-level data on how this tax credit would benefit families)
A tax rebate that’s long-overdue for an expansion
Fact sheet The Low Income Comprehensive Tax Rebate (LICTR) was enacted to make our tax system fairer but because it hasn’t been updated in 20 years, it no longer does the job. LICTR was last amended in 1998. Over the last two decades, the rebate has lost much of its value, because a dollar is worth much less today that it was back in 1998. Over the same time period, our tax system has only gotten more regressive – falling even harder on those with the lowest incomes.
Helping NM Families Get Ahead by Fixing the Child Care Cliff Effect
This updated fact sheet for The Cliff Effect: One Step Forward, Two Steps Back sums up the report's basic message about how the sudden loss of benefits like child care assistance--called the cliff effect--can act as a disincentive for hard-working families trying to lift themselves out of poverty. Also includes policy recommendations for mitigating the cliff effect. (State-level data on the child care assistance program)