Fact Sheet By increasing the personal income tax for just the highest-income earners – those who have been relatively unharmed by the pandemic and are in the best position to afford it – we can take an important first step in generating the stable revenue necessary to invest in the programs and services (like education, health care, and modern infrastructure) that promote shared prosperity and well-being for all New Mexicans.
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)
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)
Policy Brief Before COVID-19 hit, New Mexico was moving steadily forward on a path to more broadly shared prosperity. But our over-reliance on revenue from oil and gas extraction put a dent in our economy even before the pandemic and resulting recession. Legislators must enact policies that stabilize our revenue streams while improving racial equity via our tax code. Their best options for doing so are listed in this policy brief.
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)
Fact Sheet 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.
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 New Mexico's oil and gas industry is hurting -- and it's not just because of the COVID-19 pandemic. Overproduction and changes in the marketplace have set the industry on a financial decline that began a decade ago. (State-level data on changes to oil and gas production)
Fact Sheet The stimulus checks that went out as part of the federal COVID-19 relief can have a positive impact on the lives of individuals and families most impacted by the pandemic, providing money to help them pay bills, cover necessary expenses, and pay for the things they need most right now. The money would also give state and local economies a much-needed boost.
Presentation Created for the NM Public Health Association's annual conference, this presentation looks at the intersection of state tax and budget policies with social determinants of health. It gives examples of evidence-based policy solutions that promote racial justice and some tips on how to participate in policy and budget decisions that improve outcomes for kids. (State-level data on some impacts of the COVID-19 pandemic)