{"id":14541,"date":"2024-06-08T15:00:21","date_gmt":"2024-06-08T12:00:21","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=14541"},"modified":"2024-06-08T15:00:21","modified_gmt":"2024-06-08T12:00:21","slug":"tax-foundation-calls-new-mexico-tax-ranking-respectable","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=14541","title":{"rendered":"Tax Foundation calls New Mexico tax ranking respectable"},"content":{"rendered":"<p><span class=\"author\"><\/span><span class=\"publication\"><span class=\"authors\">Sherry Robinson<\/span><br \/>\n<span class=\"credit\">\u00a0|\u00a0 All She Wrote<\/span><\/span>Let\u2019s start with the good news: New Mexico is number one on an important ranking. We have the nation\u2019s lowest property taxes, and they\u2019ve been the lowest for a long time.The reason goes back in history to the 1800s, when New Mexicans lost land to tax sales because they didn\u2019t understand American taxation imposed on them, and the territory was infested with unscrupulous lawyers. Today property tax rates reflect the reality that in New Mexico many people are land rich and cash poor.Other components in the Tax Foundation\u2019s 2024 State Business Tax Climate Index are mixed.When this year\u2019s numbers came out, we hardly noticed because nobody could make political hay from it. Our overall ranking was 23rd. Not great but not horrible. The Tax Foundation called it \u201ca respectable ranking.\u201dIt hurts a bit because neighboring states did better: Utah, 8th; Texas, 13th; Arizona, 14th; and Oklahoma, 19th. However, Colorado was 27th.The top five states in the overall ranking were Wyoming, South Dakota, Alaska, Florida and Montana. The worst (50th) was New Jersey, followed by New York, California, Connecticut and Massachusetts.The foundation ranks tax systems as of July 1, 2023.\u00a0If we pry our ranking apart, we also learn that we rank 11th for unemployment insurance taxes and 13th for corporate taxes.On the downside, New Mexico ranks 35th in sales taxes and 36th in individual taxes. Those two factors pull us down in overall rankings.New Mexico\u2019s gross receipts tax hits both goods and services, so it directly affects the cost of doing business. Businesses here have complained forever, and, except for a few half-hearted stabs at reform, it\u2019s still with us and still climbing. Surprisingly, there are states where sales taxes are worse, such as Arizona, Colorado, Oklahoma and Texas. If you\u2019re driving across the state line to shop in these states, you\u2019re hurting yourself and New Mexico.Individual income taxes weigh heavily in the foundation\u2019s measures, so states like Wyoming, South Dakota, Alaska and Florida, which have no individual income taxes, smell like roses. The foundation argues that individual tax codes can discourage people from becoming self-employed, and individual income taxes can also raise the cost of labor.Arizona is ninth in this category after moving from a two-bracket, graduated rate system to a flat tax rate of 2.5 percent, joining 10 other states with a flat rate. Colorado reduced its flat rate to 4.4 percent. New Mexico plunged from 26th in 2021 to 36th in 2022, and there it remains.What does that mean? The Tax Foundation likes the numbers in Wyoming and South Dakota, but do you really want to live there?Last year, bloggers at the nonpartisan Institute on Taxation and Economic Policy compared top-ranked Wyoming with bottom-ranked New Jersey.\u201cOn nearly every economic measure, from number of Fortune 500 companies to overall economic output to entrepreneurship, New Jersey outperforms Wyoming \u2013 and by a long shot,\u201d they wrote. \u201cThat\u2019s because New Jersey has top-notch public schools, robust transportation infrastructure and other public goods \u2013 all made possible by the revenues raised by the very taxes that land it in the bottom spot of the Tax Foundation\u2019s Index.\u201dThe same number crunchers faulted the Tax Foundation\u2019s tilt toward lower or no taxation, \u201ceven though state and local taxes make up a vanishingly small fraction of total business costs, and the services paid for with those tax dollars are crucial to the success of every business.\u201dStill, we can\u2019t ignore the Tax Foundation. Site Selection Group considers the annual report a valuable tool in judging states. But it\u2019s one of many considerations, which include workforce, infrastructure, education, business friendliness and cost of doing business.This election cycle, candidates may rail about New Mexico\u2019s taxes. Yes, it\u2019s important, but it\u2019s not the only factor in growing the state\u2019s economy.<em>Sherry Robinson is an award-winning, longtime New Mexico reporter and editor. She began her newspaper career in Grants in 1976 and subsequently worked for the Gallup Independent, Albuquerque Journal, New Mexico Business Weekly and Albuquerque Tribune. She is the author of four books.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sherry Robinson \u00a0|\u00a0 All She WroteLet\u2019s start with the good news: New Mexico is number one on an important ranking. We have the nation\u2019s lowest property taxes, and they\u2019ve been the lowest for a long time.The reason goes back in history to the 1800s, when New Mexicans lost land to tax sales because they didn\u2019t &#8230; <a title=\"Tax Foundation calls New Mexico tax ranking respectable\" class=\"read-more\" href=\"https:\/\/ch.jfdi.cc\/?p=14541\" aria-label=\"Read more about Tax Foundation calls New Mexico tax ranking respectable\">Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":14542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[186,6765,11354,3385,4422,1512,478,33,3399,6456,2511,2403,8396,716,26,405,1600,4379,11341,6012,5988,658,2294,4773,6403,7818,4484,2121,591,148,387,961,9698,393,3331,1012,4895,4833,284,4340,4915,557,11342,1318,9569,11900,4620,5614,9626,6106,12346,133,1806,2019,7608,7967,1065,4556,5680,3401,4738,1183,618,2666,31,380,11011],"class_list":["post-14541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-business","tag-business-tax","tag-businesses","tag-california","tag-candidates","tag-cash","tag-climbing","tag-companies","tag-corporate-taxes","tag-cost-of-doing-business","tag-costs","tag-driving","tag-economic-output","tag-economic-policy","tag-economy","tag-education","tag-election","tag-entrepreneurship","tag-factors","tag-flat-tax-rate","tag-grants","tag-history","tag-income","tag-income-taxes","tag-infrastructure","tag-insurance","tag-labor","tag-land","tag-lawyers","tag-local","tag-lost","tag-mexico","tag-new-jersey","tag-new-york","tag-news","tag-numbers","tag-output","tag-policy","tag-property","tag-property-tax","tag-property-taxes","tag-public-schools","tag-ranking","tag-rankings","tag-receipts","tag-remains","tag-report","tag-revenues","tag-roses","tag-sales","tag-sales-taxes","tag-schools","tag-services","tag-shop","tag-shot","tag-state","tag-tax","tag-tax-rate","tag-tax-rates","tag-tax-systems","tag-taxation","tag-taxes","tag-top","tag-transportation","tag-unemployment","tag-us","tag-workforce"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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