NEW MEXICO STILL TAXES SOCIAL SECURITY BENEFITS, AND DRIVES AWAY RETIREES LOOKING FOR A NEW PLACE TO LIVE. THE ONLY THING THAT BRINGS IN RETIREES NOW ARE LOW PROPERTY TAXES AND, OF COURSE, SUNSHINE. BUT STATE LEGISLATORS ARE CURRENTLY REVIEWING THE SOCIAL SECURITY TAX AS THEY PREPARE TO FOCUS ON IT IN THE NEXT LEGISLATIVE SESSION THAT STARTS JANUARY 21ST.
THEY WANT TO GET RID OF THE TAX, SAYING THAT WOULD ATTRACT MORE MIDDLE AND HIGHER-INCOME RETIREES. THE ALBUQUERQUE JOURNAL REPORTS MANY LAWMAKERS CLAIM RESIDENTS ARE DOUBLE TAXED AFTER THEY PAY TAXES ON MONEY THEY PUT INTO THE SYSTEM … THEN PAY TAXES AGAIN WHEN THEY GET THEIR BENEFITS. OPPONENTS SAY IT’S NOT ENOUGH TO BRING IN MORE RETIREES.
