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Supermajority Requirement to Increase Taxes at Odds With Sound Fiscal Policy

January 29, 2015 State Tax Policy

The New Hampshire House of Representatives will soon consider a measure, CACR 1, to amend the state’s constitution to require that an increase in any existing tax or license fee or the creation of a new tax or license fee be approved by three-fifths of both chambers of the legislature. In each of the past two legislatures, the House rejected attempts to amend New Hampshire’s constitution in this way. Those decisions were well founded, for such constraints not only are at odds with sound fiscal policy, but also erode New Hampshire’s democratic institutions.

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NHFPI Testimony Regarding Senate Bills to Reduce NH Business Taxes

January 20, 2015 State Tax Policy
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On Tuesday, January 20, NHFPI Executive Director Jeff McLynch testified before the New Hampshire Senate Ways and Means Committee to express concerns about both SB 1, reducing the business profits tax (BPT) rate, and SB 2, reducing the business enterprise tax (BET) rate. SB 1, taken in combination with its companion measure, SB 2, would ultimately and permanently reduce state revenue by $78 million on a biennial basis. Given the fiscal challenges now before New Hampshire, tax cuts of this magnitude would endanger the public services on which residents and business rely and curtail the sorts of investments critical to a brighter economic future for all.

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New Hampshire’s Tax System Asks Far Less of the Wealthy than of the Poor

January 14, 2015 State Tax Policy
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More than five years after the end of the Great Recession, many Granite Staters are still struggling. The typical household’s income has yet to recover the ground it lost during the economic downturn, while wages for individuals and families at the bottom of the income distribution are still where they were two decades ago. In fact, a new report shows that, on average, the wealthiest families in New Hampshire pay an effective state and local tax rate that is less than one-third of the rate faced by families just trying to make ends meet.

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New Hampshire’s Minimum Wage Falls Further Behind

6 Jan 2020

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The federal minimum wage is the lowest hourly wage that can be paid to most workers anywhere in the nation. Since its inception at the national level in 1938, when only certain workers were covered, the wage has increased and encompassed more types of employees over time. State law sets New Hampshire’s minimum wage to the federal minimum level, currently at $7.25 per hour. An individual working 40 hours per week at this wage will make about $15,000 per year, assuming they work all 52 weeks. This income level is below the federal poverty guidelines for all households other than a single person, and well below the levels for households that include a partner and children.