Friend,
I wanted to share with you below my introductory testimony for the Consumer Tax Relief Act that I delivered to House Ways and Means earlier today.
Best regards,
Joe Sweeney
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To the Members of the House Ways and Means Committee,
Today, I speak before you to introduce House Bill 1422, the Consumer Tax Relief Act, a crucial piece of legislation that not only reflects our commitment to fiscal responsibility but also addresses the pressing needs of Granite Staters in these challenging economic times. This bill is more than a fiscal adjustment; it is a beacon of hope and a testament to our vision for New Hampshire – a vision that positions our state as a leader in freedom and prosperity in the Northeast.
In the current economic climate, marked by inflation and escalating costs of living, the people of New Hampshire are facing unprecedented financial pressures. The policies emanating from Washington D.C. have contributed to a surge in the cost of goods, affecting the daily lives of our citizens. Month after month, Granite Staters are grappling with the rising expenses that are stretching their budgets to the breaking point. In these times, when factors beyond our control are making life harder for our people, it is imperative that we take decisive action to provide relief where we can. One of the most effective ways we can do this is by cutting taxes here in New Hampshire, and that is precisely what the Consumer Tax Relief Act aims to achieve.
In New Hampshire we have found great success by lowering our taxes on employers and our economy and we’ve seen the economic boon that has come from previously passed relief. We’ve lowered our business taxes and we’re in the final year of our Interest & Dividends Tax, an income tax that was placed on Granite Staters that is finally coming to an end. But, we cannot rest on our laurels and get comfortable with our tax structure where it is now. We must be even more aggressive and efficient at identifying future tax cuts and our options to provide relief to Granite Staters.
The Consumer Tax Relief Act is a direct response to the economic hardships faced by our citizens. By proposing significant tax reductions, we are not only easing the financial burden on our residents but also sending a clear message that we are here to support them in tangible ways. Lowering the Business Profits Tax (BPT) and the Business Enterprise Tax (BET) aligns with the original vision of these taxes, fostering a more business-friendly environment and encouraging economic growth. This growth is crucial for providing job opportunities and stability for our citizens.
Moreover, the elimination of the Communications Services Tax (CST) and the reduction of the Meals and Rooms (M&R) Tax below Massachusetts' rates are strategic moves to enhance our state's appeal and competitiveness. These reductions will directly benefit consumers by lowering the cost of essential services and dining out, helping to mitigate the impact of inflation on everyday expenses.
Furthermore, by increasing the distribution rate to the Meals and Rooms Municipal Revenue Fund, we are ensuring that funds our municipalities are expecting under the current budget and rate are not affected by cuts to the Meals and Rooms Tax rate.
The Consumer Tax Relief Act is a proactive step towards alleviating the financial strain faced by Granite Staters due to external economic pressures. It is a bill that not only offers immediate tax relief but also lays the groundwork for long-term economic resilience. I urge my fellow Representatives and all stakeholders to support this bill, recognizing it as a necessary measure to support our citizens in these challenging times and to secure a prosperous future for New Hampshire.
Thank you for your attention and consideration in this matter.
Best,
Representative Joseph Sweeney
Rockingham 25 | Salem
