In an article today Dan Boyd of the Albuquerque Journal discusses in detail some of the many tax hikes moving through the Democrat-controlled New Mexico Legislature this session:
1) Imposing taxes on purchases made by non-profit hospitals (HB 4);
2) Taxing online sales (although that really depends on a case pending before the US Supreme Court);
3) Raising income tax rates from the current rate of 4.9% to 6.2% for high-income taxpayers (HB 272).
Boyd did not mention HB 64 the pet food tax.
Will the Legislature pass these tax hikes? It’s hard to say. They may decide to just wait and hope for a more tax-hike-prone governor after 2018. In the meantime, “do nothing” might be the BEST thing that can be said about the 2018 session.”