| NEW MEXICO AUGUST 21 – During this tax season, Americans nationwide will experience the advantages of President Trump’s One Big Beautiful Bill (OBBB), as the average taxpayer will save more money while incurring lower tax payments. **Increases in Wages and Job Security** According to the Council of Economic Advisers (CEA), wages in New Mexico are projected to rise between approximately $3,100 and $5,600 when adjusted for inflation over the next four years due to the OBBB. A typical New Mexican family with two children can anticipate an increase in their take-home pay ranging from around $6,700 to $9,300 compared to scenarios where the bill had not been enacted The OBBB’s provision exempting taxes on tips is expected to benefit about 5% of New Mexico’s workforce engaged in relevant occupations. Additionally, approximately 400,000 seniors in the state could gain from the bill’s elimination of social security taxes. Furthermore, around 19% of employees who regularly work overtime stand to benefit from the no-tax-on-overtime clause, with as many as 66% of workers in occupations likely to qualify for overtime eligibility also potentially gaining advantages **Impact on Employment, Business, and Housing** CEA estimates that the OBBB will safeguard roughly 36,000 full-time equivalent jobs in New Mexico over four years compared to the outcomes that would have occurred if the Tax Cuts and Jobs Act (TCJA) had expired. The manufacturing sector in New Mexico, comprising about 4% of firms, 3% of establishments, and 5% of total employment, is poised to receive multiple boosts from various OBBB provisions. The bill also prolongs the Section 199A passthrough deduction for small businesses, which could benefit approximately 27,000 firms—representing nearly 43% of all businesses in the state Furthermore, the OBBB enhances and permanently establishes incentives for Opportunity Zones. New Mexico contains 63 such zones, where an estimated 9,000 jobs were created following the TCJA’s enactment through 2021. This development has also contributed to the construction of about 1,900 housing units in the state as of the third quarter of 2024. ### The Republican Party of New Mexico (RPNM) advances the ideals of individual liberties for the advancement of its citizens and the greater prosperity of our communities throughout New Mexico. Led by an Executive Board and its Chairwoman Amy Barela, RPNM serves all New Mexicans via its headquarters in Albuquerque and can be contacted at (505) 298-3662. DONATE TODAY TO ELECT A REPUBLICAN GOVERNOR IN 2026! NM First! |
