LLC TAX UPDATE- As you know, AFP has been fighting to kill the so-called LLC tax which our elected officials in Concord think is a good way to “stimulate” the economy. How out of touch can these people really be?
Last week, I attended a “Public Hearing” on the LLC Tax and “Reasonable Compensation” in Concord. After arriving at 8:45 AM and listening to Rep. Susan Almy (D-Grafton) and Department of Revenue Commissioner Kevin A. Clougherty speak for over 90 minutes, the House Ways and Means Committee “opened” the discussion to the general public.
However, after waiting for over 3 ½ hours for my turn to testify, (and receiving a parking ticket), the Committee went into recess without allowing additional public comments. What hypocrisy!!
The Ways and Means Committee re-convened at 2:45 PM to an empty chamber!! Shocking!!
As you know, the LLC tax extends the 5% Interest and Dividends Tax (I&D) to the stream of income a business owner pays him or herself above a level of “reasonable compensation” that is determined by government officials in Concord. Setting aside for a moment that it is an upside down world when Concord officials have the power to determine what a business owner can pay themselves --- this tax is fundamentally new and specifically targets business owner income.
Call Ways and Means Committee Chairwoman Susan Almy, 266 Poverty Lane, Lebanon, NH 03766 #4B 448-4769 firstname.lastname@example.org. Tell her YOU can determine YOUR own REASONABLE COMPENSATION
III. NEW SIGNSS PLACED AT NEW HAMPSHIRE BORDER CROSSINGS - In another sign that our elected officials are out of touch with New Hampshire values, they have decided to place the below signs (not really but they mine as well) at all Border Crossing into the Granite State.
Corey R. Lewandowski
Americans for Prosperity – New Hampshire