Housing is why revenues are up
July 29. 2016 3:21AM
To the Editor: Why are state revenues up $100 million this year? As Mike Cousineau noted in the Union Leader back in April, the real estate market is having a banner year. New housing starts are up. Coincidentally, both business profits and real estate transfer taxes are 13 percent over expectations.
But Americans for Prosperity (AFP) attribute soaring profits to a controversial 0.3% tax cut. AFP claims the cut, passed last fall by its minions such as Sen. Andy Sanborn, funded new hires, who then boosted revenues. But as usual, they did not do the math.
For AFP’s claim to be true, a company with 7 percent net profit on $100 million in revenues must increase its profits a whopping 13 percent by hiring one $10.50 per hour contract worker.
Housing costs in Boston and NYC metro markets are sky high. Boomers’ children are ready to settle and have families, seeking the quality of life we in New Hampshire so enjoy. That is what is boosting our economy.
Isn’t it time we stopped listening to AFP and sending its mathematically challenged minions to the Legislature? Isn’t it time we elected someone who knows the difference between fiscal policy and nonsense?