Tax Cut or Wealth Transfer | Santa Fe News

New Mexico lawmakers want to scrap the personal income tax, promising relief for working families—but the truth? It’s a stealthy wealth transfer that barely helps the poor while showering the rich with thousands. With programs like the Child Tax Credit and Working Families Tax Credit already lifting kids out of poverty, eliminating income tax would gut the state budget by $2.2 billion, forcing cuts to vital services or hikes in other taxes—and locking New Mexico into volatile oil-and-gas dependence. Instead, smarter tweaks—like slashing gross receipts taxes—have boosted business, raised incomes, and improved fairness rankings from 27th to 9th nationally. Killing the income tax would reverse all that progress. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/0320a1ecc120da6e