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NH House Leaders Comment on October Revenue Figures

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.”

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Reader Comments (3)

Tobacco revenues are down $10M compared to 2 years ago. How that demonstrates "our decision to repeal the last of the four tobacco tax increases was the right one" is something known only to Wild Bill O'Brien and those incapable of reading a revenue report.
November 3, 2012 | Unregistered CommenterMike Marsh
Hey mikey stuck in the marsh –
Here's a riddle, is the purpose of a tax to maximize the Grate State take, or to stock the larder of constitutional provisions? Perhaps you could elucidate for us all why there should be any sin taxes at all. Be sure to footnote your references to specific provisions in the incorporation papers, and please, no preamble pablum.
– C. dog on point
November 3, 2012 | Unregistered CommenterC. dog
You know the Left is in trouble when Mike Moonbat Marsh is out trolling the webosphere.
November 5, 2012 | Unregistered CommenterEd Naile

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