House Republican Leader Thanks Democrats for Finally Admitting to Their Retroactive Tax Increase
CONCORD – House Republican Leader Dick Hinch (R-Merrimack) issued a statement upon learning that House Democrat leadership had recently emailed their caucus indicating that they’d propose to use some of the money saved during the continuing resolution period to, according to the Union Leader, “give business owners a tax credit to offset the higher tax rates they paid in the Business Profits and Enterprise Taxes during the first two quarters of 2019.”
“For months, we’ve heard the mantra from House and Senate Democrats that their business tax proposal was simply to freeze rates where they are, even though Republicans and the business community saw right through their phony rhetoric,” Hinch said. “Their offer to use savings from the continuing resolution period to offset the higher taxes businesses are facing for the two quarterly tax payments already concluded this year is a clear admission that their budget not only raises taxes, but raises them for periods that have already gone by.”
“If their plan was to simply keep rates where they are, this bail out would not be necessary,” Hinch continued. “For those keeping a close eye on their budget, we know that they’d raise the Business Profits Tax from 7.7% to 7.9%, and the Business Enterprise Tax by 12.5%. This would put the brakes on our economic growth, job creation, and force businesses to pay the government more, rather than pay their employees more.”
Hinch concluded, “At least we now have a public acknowledgement that their entire argument for the last six months was a ruse. Voters and taxpayers should be asking some serious questions of Democratic leadership in Concord, now that we can clearly see this pattern of lies and misinformation on such an important issue.”