Commentary: Senate Democrats today rejected an effort by Senator Mark Moores (District 21-Bernalillo) and Senate Republicans to repeal the state tax on social security. New Mexico is currently one of just 13 states to tax social security benefits, and of those states, New Mexico’s tax is the second harshest.
“New Mexico’s tax on social security is a double tax on our citizens.” said Senator Moores. “This is particularly unfair for our seniors living on a fixed income. They were already disproportionately impacted by the pandemic this year, and this was one way for us to ease their burden. It is a shame that Senate and House Democrats continue to reject this reasonable effort to put more money back in the pockets of those who need it most.”
New Mexico’s heavy tax on social security is a major reason why Kiplinger’s, Money Magazine, Yahoo Finance, and Wallet Hub consistently rank the state as one of the worst to retire in.