Wednesday, May 26, 2010

Report: 40% of NM filers owed no federal income tax

A new report from the Tax Foundation shows 40 percent of New Mexico tax-return filers last season racked up enough credits and deductions to end up owing the government nothing, putting the state at No. 4 for tax liability. The Washington, D.C.-based anti-tax group, in an analysis of Internal Revenue Service data, said Monday that of New Mexico’s nearly 924,000 filers for the 2008 tax year, about 372,000 – or 40 percent – turned up with no liability. That tally didn’t include residents whose income was below a threshold that requires filing a return. Nationwide, 51 million of the 143.5 million filers – or 36 percent – had no liability after counting up deductions and credits, the foundation reported...more

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