It is time for balanced tax reform in New Hampshire

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  • The NH Tax Shift Plan would be that reform.
    • Encourage economic development by dramatically cutting business taxes
    • Stimulate the economy by providing $400 million of property tax relief
    • Establish a 3.95% income tax to offset those tax cuts
  • New Hampshire relies too heavily on the property tax
    • 2/3 of the money raised in New Hampshire from taxation comes from the property tax
    • The NH Tax Shift Plan would:
      • Repeal the Statewide Property Tax
      • Repeal the Utility Property Tax
      • Reinstate Revenue Sharing
      • Pump over $400 million into local businesses and stores
  •    New Hampshire’s business taxes are too high
    • The NH Tax Shift Plan would:
      • Repeal the Business Enterprise Tax
      • Lower the Business Profits Tax to 4% from 8.5%
  • An additional $400 million that businesses could use to raise wages and hire more workers
    • Help existing New Hampshire businesses
    • Help attract new businesses to the state
    • Create jobs and further stimulate the economy
  •   “Lowering the business profits tax is the most visible and effective signal that this state (or any other) can send to the economic development world”
    • – Charlie Arlinghaus, president of the Josiah Bartlett Center for Public Policy – (Manchester Union Leader 2/10/15)
  • “…for businesses looking to move or expand, New Hampshire has ceased to be a friendly place”
    • – Senate President Chuck Morse – (Manchester Union Leader 3/2/15)
  • The NH Tax Shift Plan is designed to be revenue neutral
    • Would not create any new state programs
    • Would not increase funding for any existing state programs
  • $47 million for the Earned Income Tax Credit

    • Proven poverty fighting program
  • $150 million for the municipalities to help pay their retirement costs

    • This was repealed in 2010.
  • The NH Tax Shift Plan is a tax reform plan
    • Not a spending plan
    • Nothing to do with the size of government
    • We must separate the revenue discussion from the spending discussion

We can improve how we raise revenue without changing how much we spend