What taxes do you have?

[mike0421]

Originally Posted by funkymonkey

It's the same federal tax here as anywhere else.

Does the "incentive" work differently here somehow?

The state income tax, though, has a top bracket with a very small $$ threshold. In fact, I think it's 16k a year. That's a disgrace.

[funkymonkey]

Originally Posted by mike0421

The state income tax, though, has a top bracket with a very small $$ threshold. In fact, I think it's 16k a year. That's a disgrace.

Wow that is pretty low. It's a good thing Ricardson at least lowered the top tax rate.

[mike0421]

Originally Posted by funkymonkey

Wow that is pretty low. It's a good thing Ricardson at least lowered the top tax rate.

The only action Richardson took vis a vis taxes was shifting the sales tax burden away from food to zero, while raising all other sales taxes to 7%. He did not touch the income brackets.

[funkymonkey]

Originally Posted by mike0421

The only action Richardson took vis a vis taxes was shifting the sales tax burden away from food to zero, while raising all other sales taxes to 7%. He did not touch the income brackets.

He lowered the top rate from 8.2% to 4.9%.
Forbes hails Richardson's tax cuts - New Mexico Business Weekly:

As for sales tax, the state portion has been 5% for as long as I can remember. Anything on top of that is county or city.