Stephanie Schardin Clarke Tax Commissioner at New Mexico Taxation and Revenue Department | New Mexico Taxation and Revenue Department
Stephanie Schardin Clarke Tax Commissioner at New Mexico Taxation and Revenue Department | New Mexico Taxation and Revenue Department
Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest and income from intangibles.
Overall, New Mexico collected $3.1 billion in combined tax revenues in the third quarter of 2023.
During 2023, the U.S. government collected a total of $4.44 trillion in revenue. Individual income taxes were the biggest contributor, generating $2.18 trillion—nearly half of all revenue collected. Payroll taxes came in second, adding around $1.6 trillion to revenue. The third largest source was corporate income taxes, generating $420 billion.
In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.
The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.
| Type of Tax | Amount (millions) |
|---|---|
| Property Taxes | $3 |
| Sales and Gross Receipts Taxes | $1,277 |
| Income Taxes | $742 |
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