Letter: Who benefits, who loses?

Published: 7/26/2021 7:00:09 AM

NH’s Republican-supported state budget, signed by Gov. Sununu, phases out the Interest and Dividends Tax by 2027. The reason given: helping retirees and average taxpayers. Really? The Institute on Taxation and Economic Policy analysis shows that nearly nine of ten dollars saved will flow to our wealthiest 20% (average income over $200,000), with nearly half going to our top 1% (average income over $1,800,000). The average savings for the top 1%, over $7,800. Not your typical retiree! The crumbs of the savings will therefore go to the bottom 80%, a whopping average of $54! Fewer than 10% of NH taxpayers even earn enough to file the I and D tax form.

Bottom line: This tax phase-out is not for the average person or retiree. NH estimates this phase-out will likely reduce revenue by $368.9 million through Fiscal Year 2028, then another $116.9 million annually thereafter. Where is their plan to replace that money? And the other revenue cut by lowering business and meals taxes too? Or do the Republicans plan to cut even more state support for our public schools? Probably. Did you know that they are giving way more of your tax dollars to private and religious school families than to our public school students? So who pays? You do. Your Republican reps and senators are actually raising your local property taxes. Ask them to fess up, do better or vote them out next year.

Charlie Zoeller

Derry


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