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Monday, August 31, 2009

A Threat to the New Hampshire Economic Development Coaltion

We've spent a lot of time covering efforts by our neighboring states to boost the New Hampshire economy by continually raising their tax rates. They've certainly done more to create jobs in the Granite State than our own spendthrift Legislature.

Now comes word from the Portsmouth Herald that a group of citizens in Maine is trying to lower its tax rate through the petition process.
The voices of these men and women have convinced us that a petition drive currently under way to repeal a new tax reform law has merit. The law, passed in the waning days of the legislative session last in June, reduces the state income tax on all but the wealthiest Mainers, by instituting a flat tax of 6.5 percent. Currently, income taxes top out at 8.5 percent.

Petitioners must get 55,087 verified signatures to the secretary of state by Sept. 11. If they are successful, the law will be put in abeyance and voters will decide whether to repeal it next June.
The Herald editorial page comes out in favor of the effort, which is fine for Maine taxpayers. But what about us? How will New Hampshire be able to keep raising its taxes, fees, and budgets if our neighboring states start lowering theirs?

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