This won’t surprise too many people, but Democrats are lying about their budget. The party line is that they froze business taxes and removed future tax cuts. Not true. The Democrat Budget raises taxes for 2019.
According to the Josiah Bartlett Center for Public Policy, 15,500 businesses have already filed quarterly tax payments in 2019. If Democrats had their way, they would get hit with a retroactive tax bill.
The good news is that Governor Sununu is already planning to veto the budget because it ends the tax cuts. Thanks to Democrats he’s got even more narrative juice. Their budget includes a tax hike on job creators. A point that will make rejecting their crappy proposal that much easier.
The Committee of Conference budget raises the rates at which employers in New Hampshire have been taxed since January 1. Because it applies to taxes already paid, it would force thousands of New Hampshire businesses to adjust their tax filings. Businesses pay their taxes quarterly, not annually.
Current business tax rates for 2019 are:
- Business Profits Tax: 7.7%
- Business Enterprise Tax: 0.6%
The committee of conference budget tax rates for 2019 are:
- Business Profits Tax: 7.9 %
- Business Enterprise Tax: 0.675%
That is a tax increase. Any legislator who says the Committee of Conference budget only repeals tax cuts that are scheduled to take place in the future is incorrect.
Say it with me, ‘New Hampshire Democrats raised taxes on job creators.‘
