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Increasing the Working Families Tax Credit Is Good for New Mexico! a Proven Policy

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Increasing the Working Families Tax Credit Is Good for New Mexico! a Proven Policy Increasing the Working Families Tax Credit Is Good for New Mexico! A Proven Policy • New Mexico’s Working Families Tax Credit (WFTC) is good for the economy—refunds are spent quickly and locally • The WFTC increases the incentive to work—WFTC families work more and earn more • The WFTC helps families pay for transportation and for healthier food • Kids in WFTC families are healthier, do better and go further in school, and have higher college enrollment rates New Mexico’s WFTC works in tandem with the federal Earned Income Tax Credit (EITC), which is the nation’s most Who benefits from the WFTC? successful anti-poverty program for children and families. The EITC and WFTC have always enjoyed bipartisan support. 97% of the value The EITC and WFTC can only be claimed by people who of the credit goes earn income through work and pay taxes. The credits are to working families 97% mostly temporary supports, and three out of five recipients with children claim the credit for only one or two years. The WFTC is a good way to help families experiencing temporary job loss, reduced work hours, or cuts in pay. 3 out of every 5 Research shows that recipients use the credits to buy New Mexico healthier food and to make big car repairs that help them children benefit remain reliable workers. from the WFTC Persistent Poverty In 2012, the federal EITC returned nearly $500 million and the 70% of claimants WFTC returned nearly $50 million to New Mexico’s working are racial/ethnic 70% families, benefiting 300,000 of our children! Even so, New minorities Mexico has the second highest rate of poverty and child poverty in the nation. Our working families need more help! Proposed legislation would increase the Businesses benefit as value of the WFTC from 10% of the federal the refunds are spent EITC to 15% over two years. quickly and locally Please Support Legislation to Increase the Working Families Tax Credit to 15% of the EITC The Working Families Tax Credit benefits families in every legislative district NM House Districts Percent Amount Amount Additional Combined NM of Tax Returned to Returned Total Value Value if Value of House NM State Returns NM Families to NM of EITC & WFTC is EITC & District Representative with from the Families WFTC to NM Increased WFTC with EITC/ EITC from the Families to 15% of Increase WFTC WFTC the EITC 1 Rodney Montoya 19% $4,443,272 $444,327 $4,887,599 $222,164 $5,109,763 2 James Strickler 42% $20,916,146 $2,091,615 $23,007,761 $1,045,807 $24,053,568 3 Paul Bandy 20% $4,003,131 $400,313 $4,403,444 $200,157 $4,603,601 4 Sharon Clahchischilliage 24% $3,991,868 $399,187 $4,391,055 $199,593 $4,590,648 5 Doreen Johnson 34% $5,338,678 $533,868 $5,872,546 $266,934 $6,139,480 6 Eliseo Lee Alcon 38% $7,226,956 $722,696 $7,949,652 $361,348 $8,310,999 7 Kelly Fajardo 27% $6,820,509 $682,051 $7,502,560 $341,025 $7,843,585 8 Alonzo Baldonado 27% $6,582,130 $658,213 $7,240,343 $329,107 $7,569,450 9 Patricia Lundstrom 52% $27,289,270 $2,728,927 $30,018,197 $1,364,464 $31,382,661 10 Andres Romero 31% $7,586,378 $758,638 $8,345,016 $379,319 $8,724,335 11 Javier Martinez 25% $7,095,823 $709,582 $7,805,405 $354,791 $8,160,196 12 Patricio Ruiloba 36% $9,536,850 $953,685 $10,490,535 $476,843 $10,967,378 13 Patricia Roybal Caballero 37% $10,212,001 $1,021,200 $11,233,201 $510,600 $11,743,801 14 Miguel P. Garcia 35% $10,227,215 $1,022,722 $11,249,937 $511,361 $11,761,297 15 Sarah Maestas Barnes 17% $4,811,855 $481,186 $5,293,041 $240,593 $5,533,633 16 Antonio "Moe" Maestas 22% $6,415,314 $641,531 $7,056,845 $320,766 $7,377,611 17 Deborah Armstrong 20% $5,310,736 $531,074 $5,841,810 $265,537 $6,107,346 18 Gail Chasey 22% $4,997,322 $499,732 $5,497,054 $249,866 $5,746,920 19 Sheryl Williams Stapleton 28% $7,600,795 $760,080 $8,360,875 $380,040 $8,740,914 20 James Mitchell Dines 23% $6,744,240 $674,424 $7,418,664 $337,212 $7,755,876 21 Stephanie Maez 26% $6,355,294 $635,529 $6,990,823 $317,765 $7,308,588 22 James Smith 15% $3,924,688 $392,469 $4,317,157 $196,234 $4,513,391 23 Paul Pacheco 16% $4,542,257 $454,226 $4,996,483 $227,113 $5,223,596 24 James Conrad 17% $4,842,943 $484,294 $5,327,237 $242,147 $5,569,384 25 Christine Trujillo 18% $4,657,971 $465,797 $5,123,768 $232,899 $5,356,667 26 Georgene Louis 29% $7,814,125 $781,413 $8,595,538 $390,706 $8,986,244 27 Larry Larrañaga 15% $4,079,797 $407,980 $4,487,777 $203,990 $4,691,767 28 Jimmie Hall 16% $4,278,013 $427,801 $4,705,814 $213,901 $4,919,715 29 David Adkins 17% $3,990,896 $399,090 $4,389,986 $199,545 $4,589,530 30 Nate Gentry 16% $4,041,856 $404,186 $4,446,042 $202,093 $4,648,134 31 Bill Rehm 8% $1,555,265 $155,527 $1,710,792 $77,763 $1,788,555 32 Dona Irwin 39% $11,500,481 $1,150,048 $12,650,529 $575,024 $13,225,553 33 Bill McCamley 31% $8,898,867 $889,887 $9,788,754 $444,943 $10,233,697 34 Bealquin Gomez 45% $16,023,831 $1,602,383 $17,626,214 $801,192 $18,427,406 New Mexico Voices for Children NM House Districts Percent Amount Amount Additional Combined NM of Tax Returned to Returned Total Value Value if Value of House NM State Returns NM Families to NM of EITC & WFTC is EITC & District Representative with from the Families WFTC to NM Increased WFTC with EITC/ EITC from the Families to 15% of Increase WFTC WFTC the EITC 35 Jeff Steinborn 31% $9,081,395 $908,140 $9,989,535 $454,070 $10,443,604 36 Andy Nunez 31% $7,840,282 $784,028 $8,624,310 $392,014 $9,016,324 37 Terry McMillan 21% $6,074,507 $607,451 $6,681,958 $303,725 $6,985,683 38 Dianne Miller Hamilton 24% $5,408,146 $540,815 $5,948,961 $270,407 $6,219,368 39 John Zimmerman 27% $7,983,371 $798,337 $8,781,708 $399,169 $9,180,877 40 Nick Salazar 27% $5,835,839 $583,584 $6,419,423 $291,792 $6,711,215 41 Debbie Rodella 27% $6,532,768 $653,277 $7,186,045 $326,638 $7,512,683 42 Roberto Gonzales 29% $7,002,590 $700,259 $7,702,849 $350,130 $8,052,979 43 Stephanie Garcia Richard 12% $2,946,375 $294,638 $3,241,013 $147,319 $3,388,331 44 Jane Powdrell-Culbert 18% $5,145,751 $514,575 $5,660,326 $257,288 $5,917,614 45 Jim Trujillo 22% $5,893,029 $589,303 $6,482,332 $294,651 $6,776,983 46 Carl Trujillo 20% $5,696,845 $569,685 $6,266,530 $284,842 $6,551,372 47 Brian F. Egolf Jr. 15% $3,754,393 $375,439 $4,129,832 $187,720 $4,317,552 48 Luciano "Lucky" Varela 19% $5,163,215 $516,322 $5,679,537 $258,161 $5,937,697 49 Don Tripp 29% $7,849,103 $784,910 $8,634,013 $392,455 $9,026,468 50 Matthew McQueen 21% $5,596,606 $559,661 $6,156,267 $279,830 $6,436,097 51 Yvette Herrell 24% $6,832,738 $683,274 $7,516,012 $341,637 $7,857,649 52 Doreen Gallegos 38% $10,295,172 $1,029,517 $11,324,689 $514,759 $11,839,448 53 Rick Little 40% $12,962,243 $1,296,224 $14,258,467 $648,112 $14,906,579 54 James Townsend 20% $5,343,255 $534,326 $5,877,581 $267,163 $6,144,743 55 Cathrynn Brown 22% $6,205,885 $620,589 $6,826,474 $310,294 $7,136,768 56 Zachary Cook 30% $7,797,926 $779,793 $8,577,719 $389,896 $8,967,615 57 Jason Harper 18% $4,575,956 $457,596 $5,033,552 $228,798 $5,262,349 58 Candy Spence Ezzell 35% $8,397,065 $839,707 $9,236,772 $419,853 $9,656,625 59 Nora Espinoza 29% $7,533,888 $753,389 $8,287,277 $376,694 $8,663,971 60 Tim Lewis 19% $4,739,426 $473,943 $5,213,369 $236,971 $5,450,340 61 David Gallegos 23% $6,663,336 $666,334 $7,329,670 $333,167 $7,662,836 62 Larry Scott 23% $6,244,348 $624,435 $6,868,783 $312,217 $7,181,000 63 George Dodge Jr. 29% $7,992,432 $799,243 $8,791,675 $399,622 $9,191,297 64 Randal Crowder 28% $8,639,300 $863,930 $9,503,230 $431,965 $9,935,195 65 James Roger Madalena 35% $7,745,410 $774,541 $8,519,951 $387,271 $8,907,222 66 Bob Wooley 25% $7,031,179 $703,118 $7,734,297 $351,559 $8,085,856 67 Dennis Roch 28% $6,916,825 $691,683 $7,608,508 $345,841 $7,954,349 68 Monica Youngblood 17% $4,512,267 $451,227 $4,963,494 $225,613 $5,189,107 69 Ken Martinez 35% $8,315,838 $831,584 $9,147,422 $415,792 $9,563,214 70 Tomas Salazar 32% $7,684,685 $768,469 $8,453,154 $384,234 $8,837,388 Statewide Totals 26% $497,890,162 $49,789,016 $547,679,178 $24,894,508 $572,573,686 Source: NMVC analysis of tax year 2012 Internal Revenue Service data provided by the Brookings Institute NEW MEXICO VOICES FOR CHILDREN New Mexico Voices for Children NM Senate Districts Percent Amount Additional Amount Combined NM of Tax Returned Total Value Value if Returns Returned to to NM of EITC & WFTC is Value of Senate NM State Senator NM Families EITC & District with Families WFTC to NM Increased EITC/ from the from the Families to 15% of WFTC with WFTC EITC WFTC the EITC Increase 1 Bill Sharer 37% $23,976,728 $2,397,673 $26,374,401 $1,198,836 $27,573,237 2 Steven Neville 20% $7,035,745 $703,575 $7,739,320 $351,787 $8,091,107 3 John Pinto 29% $6,683,199 $668,320 $7,351,519 $334,160 $7,685,679 4 George Munoz 49% $33,675,677 $3,367,568 $37,043,245 $1,683,784 $38,727,029 5 Richard Martinez 20% $8,584,785 $858,479 $9,443,264 $429,239 $9,872,503 6 Carlos Cisneros 24% $10,698,920 $1,069,892 $11,768,812 $534,946 $12,303,758 7 Pat Woods 28% $13,663,886 $1,366,389 $15,030,275 $683,194 $15,713,469 8 Pete Campos 30% $12,007,437 $1,200,744 $13,208,181 $600,372 $13,808,553 9 John M.
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