Senate Republicans Jeopardize State Revenues During Period of Financial Recovery
Contact Name: Marina Altschiller
Phone: (603) 271-3207
CONCORD - Today, Republican members of the Senate Finance Committee pushed forward a series of fiscally irresponsible tax cuts to primarily benefit large out of state corporations that will jeopardize New Hampshire’s state revenues during a period of financial recovery following the unprecedented economic impact of the COVID-19 pandemic.
After the vote, Senate Democratic Leader Donna Soucy (D-Manchester) and Deputy Senate Democratic Leader Cindy Rosenwald (D-Nashua) issued the following statements:
“Earlier this week, the Senate Ways and Means Committee approved the DRA’s revenue estimates based on our current laws,” stated Deputy Senate Democratic Leader Cindy Rosenwald (D-Nashua). “Those revenues showed a hopeful picture that will only be gutted should we continue to move forward with these unnecessary tax cuts for large out-of-state corporations. These cuts are irresponsible and put a healthy revenue outlook at risk while providing little to no financial relief to the average Granite Stater.”
Senate Democratic Leader Donna Soucy (D-Manchester) added, “When we look at tax cuts we need to understand the full picture. Is the reduction of the meals and rooms tax going to save a customer pennies on the cost of a sandwich or will it put real money back into the pockets of our restaurants who have fought tooth and nail for their survival over the past year? There are a variety of fiscally responsible ways to provide real financial relief to Granite Staters like raising the filing threshold for the BPT, increasing a restaurant or hotel’s commission on the meals and rooms tax, or providing direct assistance. These cuts won’t benefit the majority of New Hampshire and should not be rushed through the budget process.”