Posted on 09/04/2019 1:08:26 PM PDT by CedarDave
SANTA FE Its not official yet, but a new tax rate for top-earning New Mexicans appears likely to hit the states books in 2021.
The higher personal income tax rate was part of a broad tax package approved by the Democratic-controlled Legislature during this years 60-day session, but lawmakers tied its implementation to future revenue levels as part of a final compromise.
Specifically, the new tax bracket will only take effect if state revenue levels in the current budget year, which started July 1, do not exceed last year levels by more than 5%.
That now appears nearly certain to happen, as official revenue estimates released last week project that the state will take in about 1.8% less this year than it did last year, although this years projected $7.8 billion in revenue would still be the second-highest figure in state history.
If the tax changes are triggered, a new top personal income tax bracket of 5.9 percent would be created for individuals who make more than $210,000 annually. The higher rate would only be levied on income in excess of that amount. The states top bracket is currently 4.9 percent.
The intention of this change by the Legislature was to restore progressivity to the personal income tax system, Lujan Grisham spokesman Tripp Stelnicki said.
... critics of this years tax legislation described it as a tax hike disguised as tax reform, and some business groups have expressed concern about the impact of the possible tax increase.
Other provisions in the tax package, which Lujan Grisham signed into law in April, include higher taxes on cigarettes, a new tax on vaping products, an increase in the state vehicle excise tax rate and a provision authorizing state and local governments to start levying a tax on online sales.
(Excerpt) Read more at abqjournal.com ...
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Raising taxes, that’s what Democrats do.
Aint that the truth. We lost the Governor in 18 here in Michigan. Within 2 months of taking office the Rat started pushing a FORTY FIVE cent per gallon tax increase.
Raising taxes is one thing. But this Rube Goldberg scheme injects a level of uncertainty that makes it virtually impossible to do any financial planning. Anyone with a buck is going to flee.
The good news is that the additional state taxes collected by this 1% increase in the top rate will not be deductible (with rare hypothetical exceptions) on federal tax returns. Another incentive for large earners to FLEE.
It did not take long to destroy this state. I suspect Californians swarmed New Mexico like Locusts and brought their BS Liberalism. Liberalism is a plague.
Patriots need to elect a new patriot Congress in the 2020 elections that will not only promise to support PDJTs vision for MAGA, now KAG, but will also do this.
New patriot lawmakers need to support PJDT in putting a stop to unconstitutional federal taxes, taxes that previous corrupt, post-17th Amendment ratification, post-FDR era congresses could not reasonably justify under Congress's constitutional Article I, Section 8-limited powers.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States."Justice John Marshall, Gibbons v. Ogden, 1824.
Once unconstitutional federal taxes are stopped, the states will ultimately find new revenues to care for the people as the Founding States had expected the states, not the feds, to do.
In fact, the congressional record shows that Rep. John Bingham had clarified that the Founding States had left the care of the people to the states, not the feds.
... the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Federal Constitution, is in the States, and not in the Federal Government [emphases added]. Rep. John Bingham, Congressional Globe, 1866. (See about middle of 3rd column.)
Justice Brandeis had put it this way about the unique, 10th Amendment (10A) powers of the states to serve the people.
"10th Amendment: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."
"It is one of the happy incidents of the federal system that a single courageous State may, if its citizens choose [emphasis added], serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country. Justice Brandeis, Laboratories of democracy.
(Note that constitutional limits on states as laboratories of democracy is that the states cannot establish privileged / protected classes or abridge constitutionally enumerated rights, and must maintain a constitutionally guaranteed republican form of government.)
Finally, the reason that citizens are now being oppressed by the unconstitutionally big federal government on their backs despite constitutional safeguards is this imo.
Using inappropriate words like "concept" and "implicit" here is what was left of unique, 10A-protected powers of the states to serve the people after FDRs state sovereignty-ignoring, activist majority justices got finished with it in Wickard v. Filburn.
"10th Amendment: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."
"In discussion and decision, the point of reference, instead of being what was "necessary and proper" to the exercise by Congress of its granted power, was often some concept [???] of sovereignty thought to be implicit [??? emphases added] in the status of statehood." Wickard v. Filburn, 1942
And to make restored state powers permanent, patriots also need to support PDJT in leading the states to repeal the 16th and ill-conceived 17th Amendments.
Remember in November 2020!
MAGA! Now KAG! (Keep America Great!)
Flee or do not work so hard.
Oklahoma went into a panic and raised taxes two years ago as well. Everytime they raise taxes they manage to piss it all away in the next boom cycle. Idiots.
You are not kidding... The state had a substantial surplus and before they could spend that they raised taxes
Never enough money for democrats...
I don’t mind all of the New Mexico refugees who are now going to move here to Texas as long as they don’t keep voting for the same crap that drove them out of their state.
I don’t mind all of the New Mexico refugees who are now going to move here to Texas as long as they don’t keep voting for the same crap that drove them out of their state.
Another state ruined by Marxists, Mexican irredentists, and white leftist.
Hope the remaining Indians take to the war-path again. I’ll provide them with roadmaps to their targets. Good Hunting, Will!
the Left always seems to manage to $%it where they live....and then move and do it all over again
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