House Republican Leader Reacts to Positive Employment, Business Tax Data

CONCORD – House Republican Leader Dick Hinch issued a statement following review of the state’s monthly employment report released last week, which continued to show a strong economy and continued declines in the number of people looking for work in New Hampshire. In addition the monthly Revenue Focus report issued today by the Department of Administrative Services showed that business tax revenue continues to outperform estimates.

“In the midst of continued positive data on our state’s economy, Democrats in Concord are prepared to turn their backs on promises that we made to job creators on taxes, and regulations,” Republican Leader Dick Hinch (R-Merrimack) said. “Make no mistake about it, our economy is benefiting from the positive effects of business tax reform championed by Republicans over the last 2 to 4 years. Rather than charge ahead with our current law that is producing positive results, we’re seeing efforts to repeal those business tax rate reductions, institute a new capital gains tax, mandate artificially high wages, and implement a flawed family leave program that will be funded by a ‘tax on wages’. The bottom line is that Democrats are willing to risk stalling our economy to grow government.”

According to the February revenue report, “Business Taxes for February totaled $24.2 million, which were $8.0 million (49.4%) above plan. YTD business tax collections are above plan by $151.2 million (48.3%) and $101.5 million (28.0%) above the prior year.”

According to the jobs report looking at January, “Seasonally adjusted estimates for January 2019 placed the number of employed residents at 746,270, an increase of 1,040 from the previous month and an increase of 8,520 from January 2018. The number of unemployed residents decreased by 70 over-the-month to 18,310. This was 1,910 fewer unemployed than in January 2018. From December 2018 to January 2019, the total labor force increased by 970 to 764,580. This was an increase of 6,610 from January 2018.”