CONCORD – House Speaker William O’Brien (R-Mont Vernon) and House Deputy Majority Leader and Ways & Means Chairman Stephen Stepanek (R-Amherst) offered the following comments on the release of October revenue figures showing that the state brought in $8.9 million above projections. The gains were led by business taxes, which were ahead by $4.2 million, and tobacco and real estate transfer taxes, which were each ahead of projections by $1.9 million.
House Speaker William O’Brien
“This month’s revenues show that New Hampshire is headed in the right direction. The strength in business taxes and real estate transfers is a positive sign for the economy. Furthermore, the fact that tobacco taxes came in nearly $2 million ahead of projections, despite the fact that other ‘sin taxes’ were below projections demonstrates that our decision to repeal the last of the four tobacco tax increases was the right one. Cutting taxes creates economic growth and jobs, while raising taxes makes us less competitive and leaves our residents out of work. This is one more example of the constructive steps this Legislature has taken to make New Hampshire stronger for the future.”
House Ways & Means Chairman Stephen Stepanek
“Now we are 16 months into our two-year budget, and our revenue projections are accurate to within 2/10 of 1%. This demonstrates the care that the Ways & Means Committee put into our work, and shows the stark contrast with the work of the Democrats, who simply inflated revenues to spend more money. Strong revenue projections leads to strong budgets, and the reason why we are not here today, talking about major cuts to the budget or more tax increases – as the Democrats did when their budgets went off track – is because we took politics out of revenue projections and made it about getting the numbers right.”