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CONCORD, NH – Following the Senate Finance Committee’s passage of the state budget, Americans for Prosperity-New Hampshire today urged senators to reject the proposed budget and support a budget that is fiscally responsible and doesn’t include unnecessary tax increases. 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.
“Business tax hikes, an income tax, and unsustainable spending are a complete reversal of the policies that made our state and economy the envy of the Northeast. Not only will this budget undermine our economic growth, but the massively inflated revenues will lead to a structural deficit for the next budget,” said Greg Moore, AFP-NH State Director. “We shouldn’t punish job creators and small businesses with tax increases or impose an income tax that diminishes our New Hampshire Advantage. Senators should oppose this irresponsible budget and continue to support pro-growth policies that increase opportunity and have helped create tens of thousands of new jobs.”
The state budget 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.
The budget would also create a 0.5% tax on wages, further undermining New Hampshire’s low tax status.