Expect State Taxes to Rise for Some New Mexicans

STATE TAXES ARE EXPECTED TO GO UP FOR SOME NEW MEXICANS. THAT’LL ESPECIALLY BE THE CASE FOR LARGE FAMILIES WITH KIDS. THANKS TO THE FEDERAL TAX OVERHAUL, THE ALBUQUERQUE JOURNAL REPORTS STATE ECONOMISTS PROJECT THERE WILL BE 55-MILLION DOLLARS IN NEW TAX REVENUE THIS YEAR. THAT’S DIFFERENT FROM LAST YEAR’S LAW WHICH REDUCED THE FEDERAL TAX RATE BUT BROADENED THE BASE OF WHAT IS TAXES.

IT’S SAID THIS WILL HIT WORKING PEOPLE HARD. IT’S BECAUSE THE FEDERAL LAW GOT RID OF PERSONAL EXEMPTIONS, SO THE AMOUNT OF INCOME THAT CAN BE TAXED WILL INCREASE. THE JOURNAL REPORTS OTHER ADJUSTMENTS SHOULD KEEP FILERS FROM PAYING MORE IN FEDERAL TAXES.

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