Saturday, September 6, 2008


The Federal for Tax Administrators, (, says that New Mexico's overall tax burden was nine percent of personal income in 2007. That's seventh nationally. On a per capita basis, our tax burden was 16th nationally at $2,642 per person. New Mexicans paid $5.2 billion in taxes last year. The FTA numbers come from the Census Bureau.
The percentages of the New Mexico taxes are:
Property - 1.1%
Sales and gross receipts - 35.4% ($1.8 billion)
"Selective' sales taxes such as excise and fuel taxes - 12.3% ($639 million)
Individual income taxes - 22% ($1.15 billion)
Corporation income taxes - 8.2%
"Other" taxes - 20.9% ($853 million) including severance taxes of $844 million.
New Mexicans—that is, people within the borders of the state—do not pay most of the severance taxes. Companies extracting (severing) the minerals pay the taxes and a bit will then come from New Mexicans pockets as part of the price of the end product that contains the minerals.

No comments: