Lawmakers and State Representatives of New Hampshire are looking at new ways for the state to fund the future. This would include some kinds of taxes being severely decreased or removed completely.
New Hampshire State Representative Mary Murphy said she would love to see New Hampshire free itself entirely from property taxes.
Murphy also said she wants to grow industries that she feels are less likely to struggle during a recession.
Growing industries and making them stable seem like top priorities and cause little to no harm. I mean, who wouldn’t want their business to thrive and grow? However, getting rid of property taxes may weaken funding for schools and other public services, which is very dangerous for the state.
According to Leader Transcript, “New Hampshire seeks to market itself as an innovation hub, cashing in on proximity to Boston and an enticing corporate tax structure. But for companies, coming to the Granite State may not be as easy as state officials make it seem.”
New Hampshire isn’t recognized as a hustle and bustle type of state. It’s more known for its business activity and fast-paced economic growth. This encourages innovation, but I would be cautious about this advancement because it’s hard to say whether or not corporate tax will actually benefit residents of N.H.
“A large chunk of the population is aging out of the workforce, and a tight housing market and high costs can make it difficult for employers and employees to relocate,” reports Leader Transcript.
With that, New Hampshire needs more affordable housing and better support for workers and employers. Murphy, along with other state representatives, hopes to grow the workforce, and I am in support of growing the workforce. I would love to see fair wages and worker protections.
Leader Transcript reported, “To build on big business, state leaders often tout New Hampshire’s lack of income, sales and — most recently — interest and dividends taxes, as well as lower levies on corporate profits.”
New Hampshire giving businesses tax breaks may attract companies, I’m sure, but it is concerning how this could negatively affect the larger picture of how this could impact schools and other public services. If this change reduces the revenue of the state, it would make paying for school funding more difficult, which is incredibly worrisome because education is everything, and I think putting businesses over education would cause more harm than good.
“Murphy falls somewhere in the middle. She agrees with her party that every tax cut makes New Hampshire more competitive than its New England neighbors. At the same time, each one burns a hole in state coffers,” writes Leader Transcript.
It is important to note that Murphy sees both sides and agrees with those who are part of the Republican party, but can still understand how cutting taxes can be a bad thing.
Ultimately, with these ideas, the economy of New Hampshire may grow, which in theory seems great, but prioritizing business growth runs the risk of cutting funding for schools, housing and public services being reduced.
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