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Report Shows Higher Effective Tax Rates for Residents with Low Incomes

October 18, 2018 Common Cents
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Most New Hampshire residents with lower incomes pay a higher percentage of the money they earn in state and local taxes than residents with higher incomes do. In a new report released yesterday, the Institute on Taxation and Economic Policy conducted evaluations of state and local government tax systems in each of the 50 states and modeled their impacts on non-elderly residents. The report concludes that 45 states have tax systems that ask a greater percentage of the incomes of those with low earnings than those with the highest incomes.

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Business Tax Revenues Drive Surplus with Continued Abnormal Behavior

October 4, 2018 Common Cents
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Business tax revenues, propelled higher by certain unusual trends, continued to overperform in September, which is the largest revenue month in the new fiscal year thus far. Business tax extension revenues continued to be well above normal, suggesting more or larger businesses are delaying their final business tax filings. Revenue from estimated payments, which are due for many businesses in September, grew at a steadier pace relative to prior years, and revenue from final business tax returns remained lower. Other tax revenues were a mixed bag in September and during the year thus far, with business taxes accounting for nearly all the revenue surplus over the budget plan in the first quarter.

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Food Insecurity Remains Higher in New Hampshire than Before Recession

September 26, 2018 Common Cents
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A larger percentage of New Hampshire residents had limited access to adequate food due to resource constraints than prior to the Great Recession, according to the most recent estimates from the United States Department of Agriculture. The agency’s report, released this month, showed progress on reducing food insecurity nationally, but New Hampshire has seen a smaller drop in the percentage of food insecure households than the nation as a whole during the economic recovery. While New Hampshire continues to perform better than the nation overall, these estimates suggest the state has not reduced food insecurity following the Recession as quickly as other states, and that the higher levels of economic growth seen in recent years are not reaching everyone.

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Report Shows Higher Effective Tax Rates for Residents with Low Incomes

18 Oct 2018

tree with coins

Most New Hampshire residents with lower incomes pay a higher percentage of the money they earn in state and local taxes than residents with higher incomes do. In a new report released yesterday, the Institute on Taxation and Economic Policy conducted evaluations of state and local government tax systems in each of the 50 states and modeled their impacts on non-elderly residents. The report concludes that 45 states have tax systems that ask a greater percentage of the incomes of those with low earnings than those with the highest incomes.