Sam Bregman has a bold idea that he says will make aging easier for New Mexicans. In a new policy pitch announced today, Bregman says he will ask the legislature to totally eliminate state income taxes for New Mexicans aged 65 and older and he plans to pay for it from the state’s record oil and gas revenues and reserves.
The proposal is estimated to affect between 420,000 and 440,000 residents and would cost the state between $250 million and $400 million annually in lost tax revenue.
Bregman described the policy as a strategy to prevent “out-migration” and keep families together by making the state a top destination for retirees. “When a grandparent moves away because they can’t afford the tax bill, our communities weaken,” Bregman said in a statement alongside the policy announcement.ย “By making New Mexico a premier destination for retirees, we keep families together and ensure that stable income streams – from pensions and investments – stay right here to support our local small businesses.”
Bregman is currently trailing his last remaining opponent in the Democratic primary, Deb Haaland, though his campaign points out that Haaland’s support measured in polls has dropped from her high of 60% last year to around 40% in April. Bregman has consistently polled with less than 30% support.
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