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Repealing employer tax relief rolls back job gains and revenue increases grassroots group says
MANCHESTER, NH – Americans for Prosperity-New Hampshire (AFP-NH) today commented on gubernatorial candidate Molly Kelly’s recently publicized tax proposal. The proposal calls for raising business taxes, reversing a tax policy that has resulted in a booming state economy and record-high jobs and revenues in New Hampshire. On Saturday, Kelly tweeted that, if elected, she would repeal business tax relief. At the time of her swearing in, this move would result in an increase to the business enterprise tax (BET) of 20% and an increase of 9.4% to the business profits tax (BPT).
“After receiving tax relief, New Hampshire employers have responded by putting a record number of Granite Staters to work – in fact, most employers would like to hire more, but are struggling to find enough people. At the same time our business tax revenues are vaporizing all prior records, even with substantially lower tax rates,” said Greg Moore, AFP-NH State Director. “Proposing a massive tax increase isn’t just destructive of what is making our economy boom, it’s sending a clear signal to employers that the state doesn’t want them to grow or come here. Molly Kelly clearly isn’t paying attention to what’s making our state’s economy grow and isn’t talking to business owners – particularly the small business owners, who would be hammered by a 20% increase in state taxes.”
AFP-NH has been the state’s leading grassroots advocate for business tax relief. Starting in 2014, AFP-NH’s sister organization, Americans for Prosperity Foundation, issued a study that raised the issue of New Hampshire’s high business taxes. In 2015, the chapter led efforts to override Governor Hassan’s veto of tax cuts.
Businesses tax cuts have led to more jobs and resulted in the state receiving record-high revenues.
Read Greg Moore’s op-ed here on tax relief leading to job growth for the Granite State.
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