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See what grade New Mexico gets for its tax burden

6 Comments / New Mexico, News, Politics / By

Each state in the U.S. has its unique approach to taxation, significantly influencing residents’ financial health. The increasing trend of remote work has further fueled the discussion around the impact of state taxes, as individuals are no longer bound to live near their workplaces.

To determine the tax efficiency across the U.S., MoneyGeek undertook a comprehensive study, leveraging data from the U.S. Census Bureau, the Tax Foundation, and the U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey. This research culminated in a grading system ranging from “A” for the most tax-efficient states to “F” for those with the heaviest tax burdens, considering sales, income, and property taxes.

The findings revealed that Nevada stands out as the state with the highest tax efficiency, with residents facing an average tax bill of $2,949. In stark contrast, Illinois emerged as the least tax-efficient, where the average family tax bill soars to $12,472 annually.

The disparity in tax burdens is stark, with a typical middle-class family in Illinois shouldering $9,524 more in taxes annually compared to a family in Nevada.

The study also linked tax efficiency to population trends, noting that states with an “A” rating in tax-friendliness saw a population growth of 0.9%, while those rated “F” experienced negligible growth. Florida, in particular, enjoyed a substantial 2.1% population increase, the highest nationwide, coinciding with its “A” tax-friendliness rating. Conversely, New York, with a “D” rating, witnessed the most significant population decline at -0.8%.

New Mexico has a “C” rating, with the 20th-highest tax burden. MoneyGeek notes that the estimated taxes are $6,808, with a 7.1% tax burden.

In an in-depth look at the tax landscape, MoneyGeek’s analysis identified the ten most and least tax-friendly states. The study defined a typical middle-class family as a married couple with one dependent, earning the median national income and owning a median-valued home. This benchmark family found Nevada, North Dakota, Wyoming, Tennessee, and Washington to be the most tax-efficient states. Notably, all “A”-rated states, except Arizona, benefit from having no state income tax, a trait shared by South Dakota and Texas, which both received a “B” rating. In these tax-friendly states, taxes account for merely 5% of a typical household’s income.

Conversely, the least tax-friendly states impose taxes that constitute 11% of a typical family’s income. Illinois, the lowest-ranked state, sees taxes consuming an astonishing 13% of household income. Most of the bottom ten states are situated in the Northeast or Midwest, with Oregon being the only exception.

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PNM shareholders get some good news

Leave a Comment / New Mexico, News / By

Albuquerque-based PNM Resources, Inc., which is one of the New Mexico companies on the New York Stock Exchange (NYSE: PNM), has announced that shareholders will continue to receive the increased dividend payment of $0.3875, which was first instituted on February 16th. This enhancement from last year’s dividend positions the yield at 3.7%, aligning with the industry’s average. The continued enhanced dividend is payable on May 10, 2024, to shareholders of record at the close of business on April 26, 2024.

In Simply Wall Street’s December analysis of PNM Resources, it was noted, “PNM Resources’ Earnings Easily Cover The Distributions.” Despite the appealing dividend yield, it’s crucial to evaluate the sustainability of such distributions. The previous dividend consumed a significant portion of the company’s free cash flows, compounded by a scarcity of free cash flows, which could indicate potential long-term risks.

According to the outlet, EPS growth is anticipated to be 74.3% over the coming year. If the dividend trajectory remains consistent with recent trends, Simply Wall Street estimates the payout ratio to be around 52%, which suggests a sustainable model.

Reviewing PNM Resources’ dividend history reveals a commendable consistency in payments. Since 2013, the annual dividend has grown from $0.66 to the current $1.55, marking an average annual increase of 8.9%. This steady growth, without significant reductions, enhances shareholder value.

However, investors hoping for continued dividend growth might need to temper their expectations. Despite the company’s earnings growing at 11% per year over the past five years, a high payout ratio could potentially limit future growth opportunities.

In conclusion, while the increase in PNM Resources’ dividend is welcome, investors should proceed with caution. The stability of past payments is a positive sign, yet the high payout ratio raises concerns about future growth and sustainability. 

The latest PNM stock traded at $36.70 per share as of 8:00 p.m. on Sunday evening. Year-over-year, PNM Resources fell from a stock price of $48.66, possibly due to the international company Avangrid backing out of a merger with the company. 

This article is not meant to provide investing advice but rather to report on PNM’s newly announced dividend.

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Officer Justin Hare’s murder suspect apprehended in ABQ

15 Comments / New Mexico, News, Politics / By

Early on the morning of Sunday, March 17, 2024, we shared the news that Jaremy Smith, the individual accused of fatally shooting New Mexico State Police Officer Justin Hare and being a key figure in the investigation into the death of Phonesia Machado-Fore, a paramedic from South Carolina, was apprehended.

Sources, who chose to remain anonymous, have indicated that Smith was wounded by gunfire from deputies in Bernalillo County, per ABQ Raw. Although the New Mexico State Police were observed escorting the ambulance headed to UNMH, the specifics of Smith’s current health status remain undisclosed.

The vicinity of Anderson Hill and Unser is presently swarmed by law enforcement, leading to traffic advisories for motorists to steer clear of this area.

In a subsequent update at 9:30 AM, the New Mexico State Police confirmed that Jaremy Smith was captured following a car chase that culminated in an exchange of gunfire with deputies from the Bernalillo County Sheriff’s Office.

The Multi-Agency Task Force has launched an inquiry into the incident involving the deputies’ use of firearms. The Bernalillo County Sheriff’s Office has confirmed that none of their deputies sustained injuries during the incident.

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Manhunt continues for murderer of NM State Police Officer Justin Hare

1 Comment / New Mexico, News / By

The New Mexico State Police continue to be in active pursuit to capture a suspect responsible for the death of one of their own. The individual in question, 32-year-old Jaremy Smith from South Carolina, is accused of fatally shooting Officer Justin Hare. The incident occurred on Interstate 40 near the 318-mile marker early in the morning around 5:30 a.m. last Friday. According to reports, Smith had stopped on the highway due to a flat tire and was attempting to wave down passing vehicles when Officer Hare arrived at the scene and positioned his patrol car behind Smith’s vehicle.

During a press conference held on Saturday, Chief Troy Weisler of the New Mexico State Police detailed the events leading up to the tragic shooting. He explained that Smith engaged Officer Hare in a brief conversation at the passenger side of the police vehicle under the guise of needing assistance with the tire, only to suddenly draw a firearm and shoot the officer. Smith then proceeded to the driver’s side, shot Hare once more, and forcibly moved him into the passenger seat before fleeing the scene in the officer’s vehicle. The stolen police car was found abandoned shortly thereafter, with Smith still at large and deemed extremely dangerous.

Chief Weisler, visibly moved, spoke of Officer Hare’s final act of kindness, “On a cold, dark, and windy morning, he offered help to a person he thought was in need,” highlighting the cruel irony that Hare’s last words on earth were ones of assistance to the very individual who would take his life.

It has also come to light that Smith was driving a BMW that belonged to Phonesia Machado-Fore, a paramedic who was later discovered deceased in Dillon County, South Carolina. An investigation into her death is underway, with an autopsy planned for the upcoming Monday.

Chief Weisler further noted Smith’s extensive criminal record in South Carolina, which spans over a decade and includes both property and violent offenses. He emphasized the profound loss felt by the state police, marking the third officer to be killed in the line of duty within the last nine months—a stark contrast to the preceding 30 years without such an incident. Weisler expressed a fervent desire for such violence to end, mourning the loss of Officers Ferguson, Hernandez, and now, Hare, all of whom were “violently murdered in cold blood.”

As the police community mourns, they also stand resolute in their commitment to justice for Officer Hare, with Weisler firmly stating, “Jaremy Smith, we are coming for you.” Hare’s passing leaves behind a grieving girlfriend and two young children, a poignant reminder of the human toll of such senseless acts of violence.

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NM residents ranked most federally dependent in the entire country: Study

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According to WalletHub, New Mexico residents are ranked the most federally dependent, and the state at large is ranked the second-most federally dependent state in the union, only beaten by Alaska.

New Mexico’s federal dependence score was 76.70 out of 100, while Alaska’s was 89.52. 

WalletHub notes, “New Mexico is the second-most federally dependent state, in large part because it receives a huge amount of federal funding compared to the taxes that residents pay. For every $1 paid in taxes, New Mexico gets $3.26 in federal funding. Around half of the other states get less than $1 in federal funding for every tax dollar.”

“Federal funding makes up a large share of New Mexico’s revenue as well, at around 47%, and more than 3.5% of the Land of Enchantment’s workforce is employed by the federal government. Both of these rates are among the highest in the country, proving that New Mexico’s economy owes a lot to the federal government,” the study continued.

WalletHub analyst Cassandra Happe noted, “Regardless of whether the distribution of federal funds is fair or not, living in one of the most federally dependent states can be beneficial for residents. For every dollar residents of the top states pay in taxes, they get several dollars back in federal funding, which often leads to higher-quality infrastructure, education, public health and more.”

However, Happe’s analysis shows that is not the case in New Mexico, which despite the incredible government subsidies, is ranked near the bottom of every economic, health care, well-being, and safety state ranking. New Mexico also had the 46th lowest gross domestic product in the entire country, per WalletHub.

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Suspect still on the lam after killing NM State Police Officer Justin Hare

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On Friday morning, New Mexico when State Police Officer Justin Hare, 35, was fatally shot in eastern New Mexico. The incident occurred along Interstate 40, near mile marker 320, not far from Tucumcari. 

Officer Hare was conducting a welfare check related to a vehicle stopped on the highway’s shoulder when the situation escalated, leading to the suspect commandeering the police vehicle, which subsequently crashed.

Authorities are actively searching for the suspect, who was last spotted wearing a brown hoodie and jacket. The New Mexico State Police have released an image of the suspect and are urging anyone with information regarding his whereabouts to come forward.

The suspected murderer has been identified as Jeremy Smith of Marion, South Carolina, per the New Mexico State Police.

The area where the suspect was last seen is between Montoya and Newkirk, New Mexico, near mile marker 304 on Interstate 40. The search for the suspect is ongoing, with multiple law enforcement agencies involved.

This heartbreaking event marks the second loss of a New Mexico State Police officer in the line of duty within the past four years, following the death of Officer Darian Jarrott in 2021.

In 2023, Alamogordo Police Officer Anthony Ferguson was murdered by a felon who was released despite pending charges of brandishing a firearm on another law enforcement officer. 

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NM AG Torrez joins other Dem states in attempt to nuke First Amendment rights

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In a major legal battle that has drawn national attention, 23 Democrat states, along with the District of Columbia, have filed amicus briefs in favor of the Biden regime in the Supreme Court case Murthy, et al v. Missouri, et al. Some have termed this case as the “most important free speech case in a generation,” and it is set to be heard by the Supreme Court soon.

The states supporting the administration assert their interest in collaborating with tech companies to promote responsible public behavior and counter alleged “disinformation” and online predatory activities, which attempt to gut First Amendment rights. Their stance suggests a belief in the government’s authority to regulate and potentially censor certain forms of speech.

New Mexico’s Attorney General Raúl Torrez and other far-left attorneys general and solicitor generals have signed the brief.

The other states advocating for this anti-First Amendment stance include New York, Colorado, Arizona, California, Connecticut, Vermont, Washington, D.C., Wisconsin, New Jersey, Oregon, Pennsylvania, Rhode Island, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, and Nevada.

On the other side of the debate, 16 states, including Montana, Alabama, Alaska, Florida, Georgia, Iowa, Idaho, Tennessee, Kansas, Nebraska, Ohio, South Carolina, South Dakota, Utah, Virginia, West Virginia, and the Arizona Legislature, have filed a brief in support of free speech and the respondents in the case.

This legal confrontation stems from allegations against the Biden administration for purported First Amendment violations, particularly directing social media platforms to censor or remove content deemed objectionable by the government. The case involves several plaintiffs, including three doctors, a news website, a healthcare activist, and two states, who claim their content was unfairly targeted and suppressed by these directives.

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MLG regime cancels public hearing amid backlash to proposed state park fee hike

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Amid widespread backlash from New Mexicans after Democrat Gov. Michelle Lujan Grisham’s State Parks Division of the New Mexico Energy, Minerals, and Natural Resources Department (EMNRD) proposed over 100% price increases in state park fees, the division is canceling a scheduled April 1, 2024, hearing on the matter.

According to a study commissioned by the division and reported by KOAT & News, “The study shows proposed fees such as raising day-use per vehicle from $5 to $10; raising camping fees from $10 to $20 a night for New Mexico residents; electric service from $4 to $10 a night; water service for $10.” These proposed increases would cost over 100 percent more.

New Mexico House Republicans came out unanimously against the proposed fee increase, writing in a letter, “New Mexicans are among the most economically challenged Americans. Raising our fees to be consistent with the fees of neighboring states – which in some instances results in increases of 200% – fails to account for the vast differences in wealth of residents in our neighboring states, all of which have significantly fewer people living in poverty. The increased fees and new fees will make activities like camping, boating, and paddle sports unaffordable for many New Mexicans at a time when they are struggling to keep up with the significant inflation of recent years.”

EMNRD’s Field Operations Bureau Chief Jared Langenegger wrote in a Wednesday statement, “New Mexico State Parks, a Division of the New Mexico Energy, Minerals and Natural Resources Department (EMNRD) is announcing the postponement of the public hearing on its proposed rule revisions scheduled for April 1, 2024.”

He noted, “This decision allows additional time to review and consider over 800 public comments and feedback received regarding the proposed rule amendments. State Parks The Division will continue to receive public comments on the proposed rule changes through March 29, 2024.” 

“State Parks The Division plans to review the public input received and revise the proposed rule changes in the coming months. Once the review and revision process is complete, recommendations will be presented through a rule revision process, which will include additional public meetings and another public comment period,” continued Langenegger.

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Facebook accused of silencing NM GOP candidate after page deactivated

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In a recent development that has sparked controversy and debate over freedom of speech on social media platforms, Angelita Mejia, a Republican candidate for the New Mexico House of Representatives, found herself censored by Facebook. Mejia, who is running unopposed in District 58 in Chaves County, had taken to Facebook to announce her candidacy and seek support in the form of ballot petition signatures, a requirement for official candidacy in New Mexico.

Mejia’s campaign and personal Facebook pages were abruptly deactivated within a day of her posting about her campaign and the need for petition signatures. Facebook cited a violation of its “community standards” as the reason for the shutdown but failed to provide a specific explanation for the action. This left Mejia and her campaign in the dark, unable to reach potential supporters through the platform as the crucial deadline for signature submission approached.

Steve Pearce, the Chairman of the Republican Party of New Mexico (RPNM), expressed his concern over the incident, calling it an attempt by Facebook to silence a conservative voice. He said, “This is clearly an attempt by Facebook to silence a conservative Republican woman and to prevent her from being able to collect signatures needed to place her name on the ballot for the upcoming primary election.”

Candidate Angelita Mejia

Pearce demanded that Meta CEO Mark Zuckerberg take immediate action to restore Mejia’s accounts and uphold the principles of free speech and fair political engagement.

Despite Facebook’s actions, Mejia’s campaign was able to gather the necessary signatures through grassroots efforts, underscoring the resilience of traditional campaign methods in the face of digital obstacles. However, the incident has raised questions about the power wielded by social media giants and their role in the democratic process.

Mejia herself has called for an explanation from Facebook, not only for her sake but for the constituents of Chaves County whom she aims to represent. She emphasized that censorship is unacceptable regardless of political affiliation, pointing out what she perceives as an anti-conservative bias on the platform.

“Facebook not only owes me an explanation, but the company also owes an explanation to the people of Chaves County who next year will be my constituents,” said Mejia. “Censorship is always wrong, regardless of when it happens to a conservative woman or a liberal one. In my case, Facebook’s anti-conservative bias has been made very clear.”

This incident highlights the ongoing debate about the responsibility of social media platforms in moderating content while ensuring that the democratic process is not hindered. As digital platforms become increasingly integral to political campaigns, the balance between preventing harmful content and protecting free speech remains a contentious issue.

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New Mexico strikes gold in $1.5 million crypto clash

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The New Mexico Securities Division has successfully concluded an investigation into TradeStation’s cryptocurrency interest-earning program, resulting in a significant $1.5 million settlement. TradeStation, a Florida-based firm known for its cryptocurrency investment and trading services, offered a program from 2020 to 2022 that allowed New Mexico investors to lend their crypto assets to the company in exchange for interest earnings.

This innovative program caught the attention of regulatory authorities in New Mexico and other states, sparking inquiries into whether it constituted the offering of unregistered securities. TradeStation, while opting to settle, did not acknowledge any wrongdoing related to the potential regulatory concerns raised by the program.

As part of the resolution, TradeStation has revised its terms of service and committed to discontinuing the interest-earning feature for any financial instruments that are not regulated. The company has agreed to disburse a total fine of $1.5 million, to be divided evenly among 51 participating jurisdictions, as outlined in the settlement agreement.

New Mexico’s share of the settlement amounts to over $29,000, which will be allocated to the state’s Current School Fund, as confirmed by the Regulation and Licensing Department. This fund supports various educational initiatives and programs across the state, ensuring that the settlement contributes to the betterment of New Mexico’s educational landscape.

Alissa Berger, an attorney representing the New Mexico Securities Division, emphasized the division’s dedication to safeguarding investors and maintaining trust in the investment landscape. “The Securities Division is committed to protecting investors and ensuring New Mexicans have confidence when investing their money,” she stated. Berger also highlighted the importance of regulatory compliance for companies operating within the burgeoning field of cryptocurrency and related technologies. She added, “State securities regulators recognize the value that new, crypto-related technology brings to financial markets, but it is imperative those providing these services are complying with existing laws and regulations that help promote a competitive capital market.”

This settlement marks a significant step in the ongoing effort to regulate the rapidly evolving cryptocurrency market and ensure that investment products comply with established legal and regulatory frameworks.

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