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Gubernatorial candidate Hemingway proposes NH tax system fix
• eliminate the 8 1/2 percent Business Profits Tax. The tax is expected to generate $276 million to state government this year, the single largest in-state revenue source for state government;
• cut the 5 percent Interest and Dividends Tax rate to 2.3 percent. The tax is expected to generate $96.1 million this year;
Havenstein spokesman Henry Goodwin said Havenstein is in the final stages of developing a vision to regain the New Hampshire advantage that will address taxes, economic growth and job creation.
Goodwin said Hemingway’s plan calls for increasing a tax on payrolls. That would hurt small business just so big companies could avoid a tax on their profits, he said.
Hemingway said his plan would help small business. It exempts the first $200,000 of business revenue. It would also allow for instant depreciation of large capital investments. And it would simplify taxes.
“There’s a disparate advantage non-profits and government have in hiring labor. Private enterprise pays a tax for employees that they do not,” he said.
“In order to make New Hampshire more competitive both nationally and globally, we must restructure our tax rates,” he said.
However, taxes aren’t the biggest problem on the minds of business lately. During recent roundtable discussions, business owners spoke mostly about workforce issues, particularly the availability of workers and whether they are properly educated, said David Juvet, senior vice president at the New Hampshire Business and Industry Association.
Hemingway said businesses have had to cut back on training programs because of tax burdens.
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