Letter To The Editor: Poor Little NM Has An Income Tax – Why? With $28+ Billion In The bank?
Letter To The Editor: Poor Little NM Has An Income Tax – Why? With $28+ Billion In The bank? Formerly of New Mexico The latest 2021 budgetary analysis for New Mexico, population 2.06 million, shows an annual state budget (FY 2021) of $7.22 billion, including unspent reserves of some $816 million. These monies were collected from the following 6 main sources: the Gross Receipts Tax, Severance Taxes, Rents & Royalties, Interest Earned, “Other” and Personal & Business Income Taxes. This last category, the personal & business income tax, contributed some ~23% to the total, and depending upo...
Source: ladailypost.com