πŸ’ A Guide to New Mexico’s Tax System – New Mexico Voices for Children

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The new New Mexico tax filing and tax payment deadline has been extended from April 15 to July 15, (due to COVID pandemic). Federal Tax Return.


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) Link to A Guide to New Mexico's State Budget Link to the The β€œall other” category includes gaming revenue from tribal casinos as well.


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SANTA FE, N.M. (AP) β€” Tribal casino revenues and taxes from racetrack gambling in New Mexico suggest the industry is in the doldrums or.


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New Mexico slot machine casino gambling consists of 22 tribal casinos, the state collects 26% of the Net Take in monthly gaming taxes.


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Since the legal sports betting expansion in , the amount of sports betting revenue Updated on Jun 1, PDT Here's a look at total handle, revenue, hold and tax revenue collected in each of the New Mexico sports betting.


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IRS Announces New 2020 Tax Brackets!

The largest slice of the pie 39 percent comes from general sales taxes. If the state cannot determine if those goals are met, the tax system is not accountable. As the blue bars indicate, sales and excise taxes are the most regressive β€” hitting the lowest 20 percent the hardest. Many tax expenditures are enacted as a form of economic development because they provide a subsidy or incentive for specific businesses. Additionally, adequacy means that state spending keeps pace with inflation and population growth. These people, as elected representatives, work for us. In reverse, many of the investments we make today will still be benefitting New Mexicans in years to come. Tax cuts tend to be popular, but they have their down side. This is why the green bars for the lowest 40 percent dip below the 0 percent line. For example, many of the roads, water lines, and schools that we use today are the result of investments we made with tax revenue in the past. As the amount earned increases, the percentage paid to income taxes also increases. GRT is levied on most goods and services and is often passed along to the consumer. For example, the children we educated just a generation or two ago are the workforce of today just as the children we educate today will be the workforce of tomorrow. New Mexico derives an unusually large share of revenue from investments, but this revenue also rises and falls with the stock market. The federal income tax was designed this way to help make up for the fact that state and local taxes tend to be regressive. The state spends money both directly and indirectly. Just as our tax revenue allows us to prepare for the future, we also continue to rely on tax revenue that was spent in the past. For example, if a business rents construction equipment, the state does not collect taxes on that rental because the business has deducted the cost from their tax return. Sales and excise taxes tend to be regressive , meaning those with the lowest incomes pay the highest share of their income in these taxes. Income taxes , the second largest category, is made up personal income taxes PIT; 21 percent and corporate income taxes CIT; 1 percent. New Mexico lawmakers have passed bills requiring a TEB in statute, but they were all vetoed. Tax Expenditure Budget β€” An accounting usually annually of the cumulative cost of all tax expenditures. Lower revenue means the state will either have to cut its direct spending or it will have to raise other taxes or fees to make up the difference. Before any legislation to enact a tax break is passed, however, the state tries to estimate how much it will cost. Although we must collect tax revenue in order to accomplish our collective goals, taxes have long had a bad rap. Words that appear in boldface are defined in the Technical Terms and Tax Facts boxes. Taxes help our state by: paying wages and salaries for teachers, first responders, judges, and others; purchasing goods like computers, office supplies, squad cars, building materials, and more; and purchasing services like IT, health care, upkeep of state buildings, and more. Excise Taxes β€” Taxes levied on specific goods, such as cigarettes, alcohol, and cars. The state also spends money indirectly by choosing to forego collecting certain tax revenues. Tax Expenditure β€” A way the state spends money indirectly by foregoing the collection of revenue through tax exemptions, deductions, and credits. However, the truth is that those with the lowest incomes do pay a much higher share of their income in taxes than the rich in New Mexico. Even with these refundable tax credits, income earners in the lowest 20 percent pay nearly 11 percent of their income in state and local taxes, while the top 1 percent pays just 6 percent β€” meaning the total tax rate paid by the poorest New Mexicans is nearly double the tax rate paid by the richest. Do not despair! In a more basic sense, our tax system is a statement of our values and priorities β€” how much revenue our state lawmakers think we should collect to provide for our common needs, and who pays how much of the cost. Accountability means that tax credits, exemptions, and deductions are easy to monitor and evaluate. Acronyms used in this guide are written out in the box below. Spending cuts can lead to more crowded classrooms, fewer judges, and roads that go unrepaired. This includes gross receipts taxes GRT and compensating taxes. Say, for example, you open a restaurant in New Mexico but purchase your chairs and tables in Texas. This regular accounting is called a tax expenditure budget TEB , and it should include reporting requirements and sunset dates for all tax expenditures. Tax cuts are often enacted in the hopes that they will change behaviors β€” get companies to hire more employees, for example. If we think about our state budget as the blueprint for the New Mexico we wish to create, we can think of our taxes as the way we make those plans a reality. Tax credits for solar panels is an example of this. When we look at taxes as a share of income, the ideas of regressivity and progressivity become clearer. This revenue is based on the value of production e. Every time the government cuts taxes for one group of people or businesses, it either has to raise taxes elsewhere or it has to cut spending. Consistency is achieved when tax revenues grow at the same rate as state personal income.{/INSERTKEYS}{/PARAGRAPH} {PARAGRAPH}{INSERTKEYS}Download this tax guide updated Mar. In contrast, the tax deductions for some of these expenses that are paid by the renter go to the landowner, thereby decreasing their tax bill. So it only makes sense that they hear from us about our priorities, our values, and what kind of New Mexico we want to create. Spending on the budget side is analyzed every year and lawmakers expect to be given information on how the money was spent and whether the spending produced the desired outcomes. This includes helping provide the programs, services, and infrastructure β€” such as education, public health and safety, and roads and bridges β€” that make our economy possible and that we all depend upon. For example, the state does not collect taxes on the food we buy to eat at home because it is exempt from the GRT. For families who owe income taxes, the credits reduce their overall tax bill. It is usually passed along to the consumer. Also, the Legislature has enacted many tax breaks and significantly lowered the top CIT rates beginning in Interest revenue is primarily income derived from investing permanent fund revenue in the stock and bond markets. Several refundable income tax credits are available for many New Mexicans whose earnings put them in the lowest two income brackets. The 17 percent mineral revenues piece of the revenue pie includes severance taxes on crude oil, natural gas, coal, copper, and other hard minerals that are extracted from the ground, as well as rents and royalties from the sale or lease of mineral-producing land. Other expenditures are intended to help groups of people. Adequacy means that the tax system meets state spending needs, provides enough revenue to build strong communities, and provides robust opportunities for children and families to thrive. Progressive Taxes β€” Those with lower incomes pay a smaller percentage of their income in tax than do those with higher incomes. Excise taxes on the sales of tobacco, liquor, motor vehicles, and telecommunications services account for 7 percent. While direct spending is done through the budgeting process, indirect spending is handled by changing the tax code. A tax code can spread the payments evenly among taxpayers or it can require some New Mexicans to pay more and allow others to pay less. Once a tax break is enacted, it is a good idea to track how much it is costing the state, and whether it is having the desired outcome. Conversely, our state and local tax systems combined require that those individuals who earn the most money pay a smaller share of their income in taxes than do those who earn the least money. Proportional Taxes β€” Everyone pays the same percentage of their income in tax. The opposite trend can be observed for income taxes the green bars because these taxes are progressive. The yellow bars show the total share of income paid in state and local taxes. Regressive Taxes β€” Those with lower incomes pay a higher percentage of their income in tax than do those with higher incomes. For example, imagine a proportional tax system in which everyone paid 10 percent of their income in taxes. Our state tax revenue is what allows us to accomplish things that benefit us collectively. We also use our tax revenue to anticipate and prevent future problems that we know will affect the well-being of our state. Income taxes are generally progressive , meaning those who earn the least pay the lowest rates, with rates increasing as income increases. These decisions about our tax system are made by our state Legislature and Governor. The taxes we all pay help support our state because the money flows into our communities through the state budget. Compensating Tax β€” A tax on goods that are bought out-of-state for use in New Mexico. Over the years, the Legislature has enacted many tax breaks, which are called tax expenditures. Direct spending takes the form of annual budgeting for programs and services such as education, public safety, and health care. Elected officials decide how to spend tax revenue through the annual budgeting process. For more information about how to advocate for the policies that are important to you, please see A Guide to Legislative Advocacy in New Mexico. The colored bars within the light orange bars show how each individual tax contributes to the overall rate. But once an expenditure is written into the tax code it is almost never revisited and we rarely learn if it worked as intended. Such a report may also determine whether the tax expenditure had the intended economic effect. About 90 percent of these mineral revenues comes from taxes collected on oil and natural gas extraction. Unfortunately, for many years the state did not track the cost and benefits of the many tax breaks that have been enacted. Families with lower incomes spend a greater proportion of their income on sales taxes than do upper-income households, which can save or invest some of their earnings because they do not need to spend it all to make ends meet. The same is true for property taxes the orange bars. You must pay compensating tax on those purchases. Because services constitute an increasing share of economic activity, while goods constitute a decreasing share, more states are beginning to tax services. Cuts in taxes almost always result in the state collecting less revenue. Tax Exemptions as applied to the gross receipts tax β€” Goods and services that are not taxed. The bars decrease as income increases β€” meaning the overall system is regressive. Many cities and counties in New Mexico also collect GRT to pay for municipal services, so the rate you pay will vary depending on where you are in the state. People often assume that property taxes are only paid by homeowners, but the cost of property taxes β€” along with the costs of upkeep, insurance, and the interest paid on a mortgage β€” is passed along to renters. We use tax revenue to meet our current needs β€” such as educating our children and maintaining our highways β€” and solve our problems β€” such as poverty, drug addiction, and crime. Gross Receipts Taxes β€” Taxes collected on the gross receipts total money taken in of a business or service provider. A proportional system in one in which everyone pays the same percentage of their income in taxes.