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Thursday, June 11, 2009

Bettencourt- "NH Budget Snapshot: Little Hope at this Point for True Fiscal Responsibility"

State Representative D.J. Bettencourt guest-posts at Granite Grok about the lack of fiscal responsibility in the New Hampshire budget:

Elected officials often talk of how business is the backbone of our state’s economy, but too often we fail to walk that talk. Here is an example: The BET is a .75 percent payroll tax that employers pay on their employees salaries. Until now, employers could take their BET obligations as a credit against the BPT. Elimination of this credit will cost businesses roughly $80 million. This essential tax hike is a double hit for businesses that are already facing millions of dollars in increases for the employer costs of unemployment insurance. This action by the Senate significantly hinders New Hampshire’s business climate and promises to make our financial crisis even more agonizing should local businesses be forced to close their doors or move out of state.

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