Ten years ago, the New Hampshire legislature passed a transformative budget that set the state up for an economic boom that has benefited tens of thousands of residents.
This Thursday, the House and Senate have a chance to pass another transformative budget, one that will set the state up to become the economic beacon of the Northeast for years to come.
In 2011, legislative leaders committed to reining in out-of-control spending from the prior two budgets, particularly during the financial crisis that dragged down the nation’s economy. They committed to no tax increases and bringing fiscal sanity back to state government.
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The impact of that budget and the next few responsible ones that followed was critical. It allowed the state to lower its uncompetitively high business taxes (once 3rd highest in the country) and attract great new jobs while driving up wages.
This set the stage for a period of strong economic growth the five years before COVID-19. It also allowed our economy to recover faster coming out of the pandemic, resulting in the lowest unemployment rate in the nation.
All the “Now Hiring” signs on the roadways across the state are starting to rival signage in the week before the First In The Nation primary. This is an economy in full gear.
Thursday, the legislature has the chance to take these gains to the next level. Before them is an equally transformative budget that would cement New Hampshire’s place as the lowest taxed state in the region, if not nationally.
Most importantly, this budget gets rid of the state income tax. While it’s true that the Granite State doesn’t tax wages, some don’t realize the state does tax interest and dividend income. This would make New Hampshire truly income tax-free, removing the asterisk on state tax rankings, while increasing competitiveness so seniors can stay in New Hampshire and not move to states such as Florida, Texas, or Tennessee, with no income or dividends tax.
Beyond that, this budget continues the already wildly successful efforts to make our taxes on employers more competitive, sending the message to businesses that this is where they want to move or expand their companies, bringing more jobs. Small businesses benefit because this budget lifts the filing threshold for business taxes, meaning many don’t need to deal with the hassle and expense of needless paperwork.
Even better, this budget reduces property taxes by $100 million, putting money into the pockets of homeowners. Eating out will get cheaper, too, with a reduction in the meals and rental tax.
Together, this budget would transform New Hampshire for the next decade, setting the state up for greater growth, more prosperity and more economic liberty. The beacon across the Northeast, calling those who are tired of failed, top-down big government schemes, would grow even brighter.
The legislature needs to pass this budget that will secure New Hampshire’s future and bring increased opportunity for current and future generations of Granite Staters. We can’t waste this golden opportunity.
Greg Moore, of Bedford, is state director of Americans for Prosperity-New Hampshire. He previously served as chief of staff of the New Hampshire House of Representatives.
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