Some of the current proposals to reduce business taxes ignore facts about N.H.’s tax structure and, more generally, about the impact taxes have on economic activity. Here’s an overview to help put things in perspective.
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The House Way and Means Committee predicts that total General and Education Fund revenue will grow very little, if at all, over the next 30 months. As a result, the Committee’s estimates serve to underscore the role that declining revenues have played in creating New Hampshire’s fiscal difficulties. If the Committee’s estimates come to pass, total General and Education Fund revenue in FY 2013 will reach its lowest level, in inflation-adjusted dollars, since the advent of the Education Fund more than a decade ago.
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A look at some of the trends in tax collections over the past decade with a brief description of each of the state’s eight major sources of tax revenue — highlighting some of the characteristics that can help guide policymakers in devising a response to the fiscal challenges now before New Hampshire.
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The Census Bureau released the one-year estimates for 2016 population characteristics based on the American Community Survey on September 14, showing poverty and unemployment in New Hampshire continue to decline in the wake of the Great Recession, but some groups are still struggling more than others. The poverty rate, or the number of people below the poverty threshold, dropped a statistically significant amount between 2015 and 2016, from 8.2 percent to 7.3 percent, with an estimated 94,289 Granite Staters in poverty in 2016.