There is no House session scheduled at this time.
Judging by the reaction of New Hampshire’s left, the recently passed business tax deductions and Interest and Dividends (I&D) tax phaseout by the Republican-controlled legislature is an act in class warfare. But this is nothing new. Democrats have frequently shown their lack of economic and fiscal acumen by simply regurgitating their same old mantras.
Let’s take an analytical, rather than emotional, approach and see just how these changes can impact all of our citizens and taxpayers.
Regarding business taxes, the Business Enterprise Tax (BET) and Business Profits Tax (BPT) were lowered by 9 percent and 2 percent respectively. More importantly, the threshold for filing taxes was raised and by doing so, it is estimated 30,000 New Hampshire small businesses will now not require any filing. The heart and soul of our state, these small businesses will not only save money on taxes but will now forego hours and/or days preparing and filing paperwork. These businesses can now pass their tax savings on to their employees in the form of wage/benefit increases, or lower their product and service prices for their customers. And though the liberals scream “these tax cuts will go to fat-cat corporations”, the economic principles of the free market, supply and demand, and competition will always prevail. In doing so, just like for the trickle-down effects small businesses will receive, the reduced taxes on even large corporations will translate into better pay for employees and/or reduced prices for New Hampshire’s consumers.
The phase out of the I&D tax will play an important part in keeping retirees and wealthy individuals from emigrating to other states without an interest and dividends tax. (Florida is a great example.) High taxes incentive high earners, savers and the wealthy to flee as is currently happening in states like New York, New Jersey, Illinois and California. Bureaucrats in those states have raised taxes on the wealthy and high earners to make up for revenue shortfalls or to increase social programs. This causes those target taxpayers to move elsewhere only exacerbating the revenue situation.
There are a couple others benefit to eliminating the I&D tax and keeping retirees here in New Hampshire. First, retirees and high-income earners spend their money here rather than somewhere else. Secondly, retirees pay property taxes just as everyone else, yet they do not put economic pressure on our school system. The average cost to educate a kindergarten through high school student is nearly $20,000 a year in New Hampshire. If an average household has two kids in public school, that’s nearly $40,000 cost to the town. A retiree household with no kids is a zero-dollar cost. A few hundred or thousand dollars lost by not taxing these individuals via an I&D tax is more than offset by the absence of the cost associated with education.
Contrary to the soundbites and wailing of the left, reducing taxes will help the bottom line of all New Hampshire’s citizens including democrats. Heading into the immediate future, your Republican led legislature looks forward to further enhancing all of our economic and fiscal lives.
There’s been a lot of misinformation about the recently passed state budget. The truth is, it’s remarkable and worth celebrating. Here are some of the things the new budget delivers: over $170 million in tax cuts, reduction in Business Profits Tax to 7.6%, reduction in Business Enterprise Tax to 0.55%, phase-out of Interest and Dividends tax over the next five years, more money to the “Rainy Day Fund,” reduction in Meals and Rooms Rate to 8.5% and reduction in property taxes by $100 million.
When the people of New Hampshire sent Republicans to Concord, they did so with the orders to avoid Democrat spending and taxing sprees. The last time the Democrats had total control of the State House (2007-2010), they raised or created over 100 taxes and fees. This new budget not only delivers on the promise not to overspend, but also provides a strong foundation to help New Hampshire grow.
This budget’s tax cuts benefit New Hampshire families, businesses and consumers and will make us the only truly “income tax free” state in the country. New Hampshire families spoke loudly about the need for property tax reduction. We listened and reduced property taxes by lowering the amount of Statewide Education Property Tax (SWEPT) taxes that each town must collect.
But instead of having the loss of such revenue impact schools, the state will later provide funds from other means to pay the difference. Then in the fall when property tax rates are set, municipalities will see lower tax rates. Why this convoluted method? GOP legislators believe that if we give towns or school districts dollars before tax rates are set then the money gets spent on other things instead of going back to taxpayers. This methodology guarantees a reduction in property taxes. Promise kept.
Every budget includes non-budgetary measures. Here are some of the great non-fiscal items incorporated into this budget: protection for the unborn (prohibits late term abortions in the 7th, 8th and 9th month), Education Freedom Savings Accounts for poorer families, $8 million for mobile crisis units and community health programs, $30 million for a 24-bed secure psychiatric facility, better funding for veterans services and programs, increased funding for multiple infrastructure programs and wastewater projects, and more protections for youngsters to include $500,000 for Internet Crimes Against Children Fund.
House Republicans were able to support these New Hampshire priorities due to compromise, hard bargaining, good communication and real leadership from both the legislative and executive branches.
New Hampshire is the region’s most prosperous and liveable state with the country’s lowest unemployment rate. It’s no coincidence that New Hampshire is also the northeast’s most Republican state as well.
There is so much to be celebrated in this budget, but the proof of its efficacy will be in the proverbial political pudding. Republicans made promises to the voters, and Republicans delivered.
There are a lot of ways women feel empowered, but the basic function is always the same — overcoming a difficult obstacle. It is never easy, but empowerment is never a simple achievement.
This year’s budget provision to limit abortions gives women something to really be empowered about — a layer of confidence toward protecting their children.
While leftist call this “restriction” a radical attack on women, they forget the attacks they inflict on our most vulnerable every single day. They forget that a majority of Americans object to late term abortions (20 weeks, or five months), and that this legislation progressed New Hampshire forward to align with 43 other states’ current practices.
In fact, America is only one of four countries that allow late-term abortions (along with China and North Korea). This isn’t new, this isn’t radical — in fact it’s long overdue.
Further, the governor hasn’t made himself “anti-women” in signing off on this budget — if anything he’s proved he supports ALL women, including the most vulnerable. We need to be realistic in acknowledging that this isn’t a trade-off between the “freedom women feel” versus “the validity of the life being killed.”
This budget provision tells women they don’t have to kill their child in order to be successful, that they don’t have to make a regrettable choice for the sake of the progressive status-quo. This budget is pro-child, and most definitely pro-women.
Our Republican House majority worked with the Republican Senate and Governor Chris Sununu to implement the most empowering state budget in New Hampshire history.
We provided over $100 million to New Hampshire small businesses in Paycheck Protection Plan tax relief.
We expanded the exemptions on employer taxes, exempting an additional 30,000 Granite State small businesses from having to even file taxes after we raised the minimum business tax thresholds.
We reduced the business enterprise tax by 8.33% and the business profit tax by 1.30%.
We cut $100 million in the statewide property tax, putting more money directly into people’s pockets.
Following the devastating economic impact of the COVID-19 pandemic, Republicans in New Hampshire recognized the need for real economic relief and we delivered for all Granite Staters. Our budget truly has a tax cut for everyone, and successful Republican management of our state going forward will enable even further tax reductions and eliminations.
Over the course of the next five years, we are fully eliminating the interest and dividends tax — making New Hampshire a truly income tax free state.
Republicans will continue to fight for Granite Staters and do what we can to reduce the burden of government and allow our economy to thrive. I’m proud of our Republican budget and I’m happy we could deliver such a victory for New Hampshire.
Goffstown residents and businesses are going to see historic tax relief as a result of our recently passed Republican budget.
Due to the reforms and tax reductions we put into place in the current budget, over the next 10 years Granite Staters will see more than a billion dollars in tax savings. We’re reducing taxes on employers, lowering the cost of going out to eat or staying up north, and we’re fully eliminating the interest and dividends tax over the next 5 years.
Over 30,000 additional Granite State small businesses are going to be exempt from even filing taxes as we raised the minimum business tax thresholds.
This is a budget I was proud to support and I am even prouder to promote it to Goffstown residents. This was a historic New Hampshire budget and Granite Staters ought to know that Republicans delivered for them.
Salem stands to benefit greatly from the actions the Legislature has taken this year, especially with the transformational state budget we just passed.
We’re reducing taxes on employers, eliminating the interest and dividends tax over the next five years, and raising the minimum threshold for tax filings so that 30,000 additional Granite State small businesses would no longer have to even file their taxes.
There are wins in this budget for everyone.
We’re expanding school choice through educational freedom accounts to support opportunity and flexibility for low-income families. Our tax relief will see a lower rooms and meals tax, benefiting Salem restaurants, and we’re going to see over $1 billion in tax savings across the Granite State over the next 10 years.
We’re delivering real property tax relief by cutting $100 million from the statewide property tax and investing in our municipalities through infrastructure and an increase in the rooms and meals tax revenue distribution.
We’re also instituting a paid family medical leave program, without an income tax, that will empower Granite State workers and employers to opt into a program that works for them in order to retain and attract talented and young people from across the country to come to the Granite State.
When I ran to be one of Salem’s state representatives, I pledged to work with Sen. Chuck Morse and Gov. Chris Sununu to expand and defend our New Hampshire advantage.
Our recently passed Republican budget did just that.
Our Republican budget had a lot of big wins for the state of New Hampshire, but one of the key ones close to home for me is the restoration of appropriations for veterans services.
Granite State veterans have done so much for our state and our nation, and nothing we do can ever be enough to fully thank them and honor their service.
As a veteran myself, I know we don’t serve in order to see any benefits. We serve our nation out of patriotic duty and love of country.
But, as a policymaker and legislator, I believe it’s important to do everything we can to make sure our veterans have what they need and deserve in the Granite State.
I’m proud of our Republican budget, and I’m grateful to the House, Senate, and Gov. Chris Sununu for ensuring that veterans services would be funded in the state of New Hampshire. We are doing right by our veterans, and New Hampshire Republicans will always fight for them in the months and years ahead of us.
I say thank you to my fellow Granite State veterans do. I hope we made them proud by passing our recent budget.
It has long been clear that the four walls of the average classroom do not always meet the needs of each child in even the best school system. New Hampshire Republicans have recognized that and are doing what we can to expand access, increase flexibility, and empower students and their families to best navigate their child’s education.
Despite what the critics have been saying, we’re not affecting public schools or their funding. New Hampshire’s Education Freedom Accounts is a carefully designed program that ensures integrity in the system. We have pathways of opportunity for low-income students to receive funding to attend schools that work for them. Some of these students may have special needs — ensuring they have access to the right school is in all of our best interests.
I’m proud of the work New Hampshire Republicans have done over the years to expand school choice and opportunity, and we’ll continue fighting for further reforms to the system as it evolves. Our basic premise — that zip codes should not determine outcomes — is resolute and we are committed to fighting for Granite State students who need us to fight for them.
Belmont and Laconia can be proud that fiscally responsible decisions were made during our state budget process.
We just witnessed the impact that a crisis can have on government spending and response. We took that into consideration and over the next two years we will be adding another $36 million to the state’s Rainy Day Fund, growing the fund to a total of $158 million at the end of fiscal year 2023.
Many on the other side of the aisle wanted to spend such money; Republicans knew it would be wise to save it for when it was truly needed.
It’s one part of our budget that I’m extremely proud of. As we continue to grow our Rainy Day Fund, New Hampshire will see other positive externalities. It’s a win-win for the Granite State and a sign of extreme fiscal discipline when our counterparts in D.C. are throwing fiscal caution to the wind.
When we asked voters to vote Republican, we promised to deliver an improved state budget. We stuck together and kept our promise. New Hampshire will see $172 million dollars of savings, including $100 million of direct property tax cuts.
Gov. Chris Sununu said there would be tax cuts for all. The Republican majority cut the Meals and Rooms Tax. From the drive-thru for a cup of coffee to sit down meals at area restaurants, the cuts will be noticed and enjoyed by Granite Staters and tourists alike.
We cut business taxes to help fuel our economy after the crippling COVID-19 pandemic. We are phasing out the Interest and Dividends Tax, assuring that we keep income taxes out of New Hampshire.
Water has been a major concern for many, notably for my constituents in Merrimack. We secured $15.6 million in grants for wastewater projects across the state, and passed legislation to continue our work to fix the damage that was done to our town.
Merrimack has eight state representatives. Along party lines, seven of the eight voted to pass our budget, giving all of our constituents tax cuts and improved water quality.
As the senior member of the Merrimack delegation, I want to thank the voters for sending Republicans to Concord. We are honored that you gave us your trust. We fought for our town, did the job you sent us to do and delivered the results to improve our home.