WASHINGTON — On the eve of tax filing day, U.S. Senator Jeff Bingaman pointed out that almost all New Mexico working families benefited this year from tax cuts enacted as part of last year’s American Recovery and Reinvestment Act.
•Citizens for Tax Justice, a Washington, DC-based think tank, today released a [ http://www.ctj.org/obamastaxcuts/nm.pdf ]report saying that 99 percent of working families and individuals in New Mexico received benefits from tax cuts enacted last year. According to the report, on average, working New Mexicans received $1,012 from these tax breaks.
“Because of the tax cuts we enacted last year, New Mexicans are taking home more of their hard earned wages and benefitting from increased tax credits that address the costs of raising children and paying for higher education,” Bingaman said. “This is very good news for working families in our state.”
Also to mark tax filing day, Bingaman, a member of the Senate Finance Committee, will introduce a robust package of reforms aimed at protecting the rights of all American taxpayers. Bingaman’s Taxpayer Bill of Rights Act would:
• Require the IRS to publish a Taxpayer Bill of Rights that
clarifies all American taxpayers’ rights and obligations;
• Support volunteer tax preparation organizations (such as Tax Help New Mexico) and representation clinics (such as the University of New Mexico Las School’s Low-Income Tax Clinic)
• Enhance oversight of paid tax return preparers and refund
anticipation loan products
A summary of the bill can be found here.
“Our tax system depends on taxpayers being able to receive the best advice and assistance possible. And Congress must ensure that we do not leave taxpayers vulnerable to abuses from those masquerading as tax professionals,” said Bingaman. “My bill would go a long way toward ensuring that taxpayers in New Mexico and across the country are able to prepare and file their tax returns each year in a fashion that is fair, reasonable, and affordable.”
The bill will be sent to the Senate Finance Committee.