Democrats Said Business Tax Cuts in NH Would “Throw The Budget Off” by $100 Million, and They Were Right

Maggie Biz Tax cutRemember when Democrats said that the Republicans proposed business tax cuts would lead to a budget shortfall? They were hyperbolic in their pronouncements. Doom. Gloom.

Calling the proposal dishonest in what it pays for, Hassan blasted the GOP spending plan, saying corporate tax cuts to businesses based out of state would leave the budget out of balance by nearly $100 million.

Depending on what you mean by ‘out of balance’ former Gov. Maggie Hassan, you were right. 

CONCORD – Americans for Prosperity – New Hampshire (AFP-NH) today noted that the state’s Consolidated Annual Financial Report (CAFR) showed that in State Fiscal Year 2016 (SFY16) state business tax revenues exceeded expectations by $132.8 million, despite rate reductions to both of the major business taxes. (pdf)

The dishonest budget with these irresponsible tax cuts produced a “budget imbalance” of $132.8 million more than expected. That’s a $232.8 million dollar difference from math wizard Maggie Hassan’s prediction.

Who among us is surprised?