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House Budget Jeopardizes Economic Growth, Opportunity

Apr 9, 2019 by AFP

Grassroots group urges legislators to reject House budget that increases spending by $320 million and increases employer and small business taxes

CONCORD, NH – Following the House Finance Committee’s budget presentation to the full House, Americans for Prosperity-New Hampshire (AFP-NH) today urged members of the House of Representatives to oppose HB 1 & HB 2, the state budget and trailer bill. AFP-NH supports a budget that enacts the final round of business tax relief and a budget that will continue to enrich the lives of Granite Staters by prioritizing fiscal responsibility and rejecting new and unnecessary tax increases.

“Increasing spending by $320 million and raising taxes on small businesses jeopardizes the economic growth that’s benefitting hundreds of thousands of Granite Staters,” said Greg Moore, AFP-NH State Director. “We should not undermine the New Hampshire Advantage with this reckless tax-and-spend budget. Legislators need to set our state on a path for continued long-term success and growth by reining in spending and protecting Granite Staters from these counter-productive tax and spending hikes.”

Background:

Last week, AFP-NH launched a statewide digital campaign urging representatives to continue the state’s economic growth and reject the House’s budget proposal.

HB 2 would establish a new, $150 million per year capital gains tax, which would discourage investment in New Hampshire business and would encourage investors and job creators to leave the state.

HB 2 would raise taxes on employers, hiking the BPT by 2.6% and the BET, paid by small business owners, by 12.5%, reversing the economic gains the state has made in the wake of employer tax relief and making the New Hampshire less competitive.

HB 2 would also create a 0.5% tax on wages, further undermining New Hampshire’s low tax status.