ITEP Testifies in Favor of New Hampshire Income Tax Proposal

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One of the few benefits of a crisis as severe as the recession in which the United States now finds itself is that it may lead some to question long-established practices and to ask whether there might be a better way of doing things. In New Hampshire, which faces a budget deficit of several hundred million dollars over the coming biennium, that might mean reconsidering its status as one of only nine states without a broad-based income tax. Indeed, the New Hampshire House Ways & Means Committee last week held a hearing on a bill (H.B. 642, introduced by Representative Jessie Osborne in January) that would both establish an income tax and reduce state property taxes for a large number of homeowners. Consequently, the bill would not only generate close to $500 million per year in new revenue, but it would also make New Hampshire's tax system much fairer.

For more details, read ITEP's testimony on HB 642 here.

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