It was inevitable that New Hampshire would face a budget crisis this fiscal year. Gov. Chris Sununu hightailed it out of office at the perfect time, given the unavoidable loss of COVID money and the head-scratching move by the majority party to cut business taxes and eliminate the Interest & Dividends Tax.
The New Hampshire Fiscal Policy Institute reported that tax cuts have reduced state revenues by between $797 million and $1.17 billion over the past 10 years. Lawmakers also lowered the business profits tax from 8.5 percent to 7.5 percent, which is mainly paid by multinational corporations. These taxes totaled $184 million last year alone. The rooms and meals tax was reduced from 9 percent to 8.5 percent. The elimination of the Interest & Dividends Tax, which primarily was paid by wealthy individuals, accounts for a loss of $160 million in this year alone.
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Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.