New Mexico tax changes shift burden to wealthier residents

  • by:
  • Source: Fox News
  • 07/20/2023
The tax burden for funding state government and public schools in New Mexico is shifting slightly toward wealthier residents as the state stops collecting taxes on most Social Security benefits.

The Legislature's budget and accountability office estimates that recent state tax reforms will reduce state income by about $94 million during the budget year that began July 1. New Mexico this month stopped collecting income taxes on social security benefits for individuals who make $100,000 or less, or joint tax filers who report $150,000 or less in annual income.

The estimates were published Tuesday as the Legislature's lead state budget-writing committee met in Silver City to discuss tax policy, wildfire recovery efforts and trends in crime and crime prevention.
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