New Mexico tax changes benefit lower-income residents
SANTA FE, N.M. (AP) — The tax burden for funding state government and public schools is shifting slightly toward wealthier residents as New Mexico 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 annually, or joint filers who earn $150,000 or less. The estimates were published Tuesday as the Legislature’s lead state budget-writing committee met in Silver City to discuss tax policy and wildfire recovery efforts.