Ways and Means Chair Susan Almy led the charge to end prosperity in New Hampshire. The Granite State has experienced historical growth in employment and its labor force after a series of business tax cuts were implemented. Democrats disagree on that point not that it matters. They need to raise taxes to pay for their spending.
The tax cuts, which under current law were going to continue to fall until 2021, would result “in us being in real trouble in terms of maintaining our budget,” argued Rep. Susan Almy, D-Lebanon, chair of the committee and prime sponsor of the bill.
“…the committee voted, to amend HB 623 to make the current rate of 7.7 percent – which went into effect at the start of January – to last year’s rate of 7.9 percent. The amendment also returned the business enterprise tax rate to last year’s rate of 0.675 percent.
The planned cut to 7.5 percent would vanish. The current rate of 7.7 percent would rise to 7.9.
The committee also voted to retain HB 482, which would have allowed the Joint Legislative Fiscal Committee to increase the rate to 8.5 percent should the state’s rainy day fund be in jeopardy due to a recession.
Democrats promised to raise taxes on job creators. They have. HB482 would give them a loophole for raising them as well.
These bills can’t be stopped but the governor can veto them, and there are enough Republicans to prevent a veto override. If they can manage to remember they are Republicans.