New Mexico has always been a big government state, but State government will grow massively in the years ahead as “progressive” Democrats benefit from an oil and gas boom while simultaneously raising taxes. A recent set of news stories from the recent meeting of the Legislative Finance Committee highlights the fact that New Mexico Legislators will benefit from $907 million in so-called “new money” when they convene in January.
Meanwhile, we found out from a separate news story that in 2021 New Mexico’s top tax rate will (likely) rise from 4.9% to 5.9%. That’s a 20% tax hike on top-earners! And, lest you think that is just a bunch of “fat-cat” rich people, according to the Tax Foundation nearly 70% of American businesses are “pass through” meaning they pay taxes under the individual tax code. That rate is likely even higher in New Mexico which has few big businesses and a relatively high proportion of small businesses.
One Reply to “Despite record revenues, NM will increase taxes again”
Wonder how many working for those businesses voted Democrat and realize it could affect their future earnings