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Entries in State Revenue (21)

Wednesday
Jan072015

NH Sen. Boutin Applauds Strong December Revenues  

Conservative estimates continue to pay dividends for NH

 

Concord, NH – Senate Ways and Means Committee Chairman David Boutin (R-Hooksett) applauded today’s strong December revenue report from the Department of Administrative Services. Revenues for the month came in $14.3 million ahead of plan, and are $19.2 million above projections with six months left in the 2015 budget year.

 

“Two years ago, the Senate insisted on adopting conservative revenue estimates to protect New Hampshire taxpayers from a budget shortfall. That decision continues to pay dividends for New Hampshire,” Boutin said.

 

Entering the month, business tax receipts had been running behind projections, but were offset by stronger revenues from other sources. FY14 revenues came in $3.1 million higher than anticipated, and FY15 revenues are currently $19.2 million above plan. That leaves the state revenues $22.3 million above projections with six months lefts in the current two-year budget, which runs through June 30th.

 

“I’m encouraged by the improved performance in business tax revenues. It shows that the New Hampshire economy is improving, thanks in part to the tax reforms we’ve passed over the past four years,” Boutin added. “The December revenue report provides more useful information as the Senate Ways and Means Committee begins crafting revenue estimates for the next two year budget.”

 

The Senate Ways and Means Committee meets next week to hear from both the Legislative Budget Assistant’s Office and the Department of Revenue Administration.

 

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Wednesday
Jan072015

Rep. Major statement in response to NH Revenue Numbers

https://lh4.googleusercontent.com/VtOLTKp5k70QT_b_dWXTh2dedWS5wiXat3NFpwNjMsvgwgX-aFoMqXT6YEG2hPIf-Hg_Wf3W6YXt2GOIzaC0jgK9fegH1a6GiFf1osIUHzCXfoZKrSgviOk-wg

 

The following is a statement from Rep. Norman Major (r-Plaistow), the chairman of the House Ways & Means Committee in response to the state’s revenue numbers that were released this morning.

 

“The revenue numbers released today clearly shows that our revenues, year to date, are on track.

In fact, state revenues for the last 18 months meet or exceed the estimates set forth in the plan.”

Friday
Oct032014

NH Senate Republicans - Latest report shows NH revenues on target 

The New Hampshire Senate

Republican Majority Office

State has a spending problem

 

Concord, NH – Senate President Chuck Morse (R-Salem) issued this statement following release of September revenue figures for the State of New Hampshire:

 

“New Hampshire revenues continue to track very closely to the conservative estimates that Senate Republicans insisted be built into the budget. September revenues were within about one-percent of the monthly goal, and we continue to run ahead of the forecast for the year.”

 

“These figures reinforce that New Hampshire does not have a revenue problem. We have a spending problem, as demonstrated by Governor Hassan’s $22 million budget shortfall. The Legislature and the public deserve up to date information on state agency spending, information that the Governor has refused to share.”

Wednesday
Sep032014

NHDP - ICYMI: Concord Monitor Editorial: "Candidates’ tax-cut plans wrongheaded" 

ICYMI: Concord Monitor Editorial: "Candidates’ tax-cut plans wrongheaded"

Key Point: “Havenstein, if elected, would push to lower the state’s Business Profits Tax from 8.5 percent to 7.4 percent, something that he magically believes would create 25,000 new jobs. He offers no evidence to support that belief, and history suggests it’s misplaced.

“What the tax cuts proposed by both candidates would do is reduce the state’s ability to pay for the things that make New Hampshire attractive to employers and the young families the state wants to attract, among them good schools, safe roads, well-kept parks, good public services, a clean and beautiful environment, and affordable higher education.”

See below for excerpts or here for the full editorial:

George H.W. Bush called the notion that cutting taxes would increase economic activity, thus creating jobs and increasing federal revenue, “vodoo economics.”

So-called supply-side economics didn’t pan out for President Ronald Reagan, who increased taxes. As a theory it’s largely been discredited, but its something-for-nothing allure remains so strong that the idea refuses to die.

Three decades later, supply-side notions such as those that underlie the tax plans of New Hampshire Republican gubernatorial candidates Andrew Hemingway and Walt Havenstein should more rightly be called zombie economics. They are the walking dead, yet still capable of doing harm.

Havenstein, if elected, would push to lower the state’s Business Profits Tax from 8.5 percent to 7.4 percent, something that he magically believes would create 25,000 new jobs. He offers no evidence to support that belief, and history suggests it’s misplaced.

Analyses by the national Economic Policy Institute, the Center on Budget and Policy Priorities and the New Hampshire Fiscal Policy Institute, among many others, show that cutting corporate taxes has little or no effect on a business’s decision to relocate, expand or hire more workers.

[...]

According to research cited by the Fiscal Policy Institute, business taxes in New Hampshire are already lower than in most states. And in every state, business taxes make up only a small component of business expenses and thus have limited influence on business decision-making. Other factors – an educated workforce, good schools, quality of life, state of the infrastructure, access to markets and the like – are far more important.

What the tax cuts proposed by both candidates would do is reduce the state’s ability to pay for the things that make New Hampshire attractive to employers and the young families the state wants to attract, among them good schools, safe roads, well-kept parks, good public services, a clean and beautiful environment, and affordable higher education.

[...]

The tax cuts proposed by Hemingway and Havenstein would take the state backward, not forward.

Thursday
Aug212014

ALG's Daily Grind - State tax revenue nose dive provides ominous economic warning 

6

August 20, 2014

Permission to republish original opeds granted.

State tax revenue nose dive provides ominous economic warning
Federal revenues reach all-time high on higher rates while state and local taxes take a nose dive.

Climate change a symbolic battle against an unpleasant, toxic way of life
As Mann unwittingly makes the case for, alarmist claims are met with "suspicion, skepticism, and sighing apathy" — and those are not the battle cries of a winner.

Legal Insurrection: Montana Democratic Senate nominee has some strange video selfies
"Amanda Curtis' state legislative career is one long video selfie, posted daily to YouTube."