New Mexico House takes first steps to up the tax on the 1%
State Representative Daymon Ely announced via his Facebook feed late Tuesday that House Bill 201 passed it’s first House bill late Monday, providing new momentum for a new revenue proposal to roll back New Mexico’s tax cuts for the top 1% of income earners. The next stop is a Tax and Revenue Committee meeting.
Under Governor Richardson, the state rolled back the state’s personal income tax rates for the richest income earners. HB201 rolls back some of those cuts.
According to the non-partisan analysis by the Legislative Council Service, this bill would generate an estimated $27 million per year by 2021.
“For married individuals filing separately (SEP) with income over $230,000, the tax is $11,066 plus 5.9 percent of the excess over $230,000. For heads of household (HOH), surviving spouses, and married individuals filing jointly (MFJ) with income over $460,000, the tax is $22,132 plus 5.9 percent of the excess over $460,000. For single individuals (SNGL) and for estates and trust with income over $306,667, the tax is $14,747.17 plus 5.9 percent of the excess over $306,667.”
HB 201 successfully cleared the Public Affairs Committee as Representative Ely notes above. View the full bill HERE.
In the middle of a session that aims to balance major budget pitfalls, a bill like HB201, would make the future of New Mexico one that many New Mexicans can look at with a bit of optimism.
ProgressNow New Mexico, will continue to keep eyes on this bill as it moves through committee, and keep the public informed about where tax dollars may be put to work to the advantage of everyone in the future.
Say Thanks to Rep. Ely for introducing this bill