KFDA - NewsChannel 10 / Amarillo News, Weather, SportsReport: NM should raise taxes for ed funding

SANTA FE, N.M. (AP) - A new report says New Mexico state lawmakers should raise income tax rates for high-income residents to offset a decrease in educational funding.

The Santa Fe New Mexican reports that the New Mexico Voices for Children report, which focuses on the last year of education funding, says the tax increases would counter the decline in funding from a combination of state cuts and the end of federal stimulus money.

The report utilizes data from the Public Education Department, the Legislative Finance Committee and the New Mexico Department of Workforce Solutions to stress that public schools were hit with a 5% funding cut for the current year.

Based on 2009 data, the U.S. Census Bureau reports that New Mexico spends a little more than $9,000 per pupil.

Information from: The Santa Fe New Mexican