Forum, May 7: New Hampshire needs revenue from tax on interest and dividends
Published: 5/6/2021 10:00:04 PM
Modified: 5/6/2021 10:00:02 PM
New Hampshire needs revenue from tax on interest and dividends
As New Hampshire begins to recover from the pandemic, tens of thousands of families are still struggling financially. Yet Gov. Chris Sununu’s draft budget calls for millions of dollars in tax cuts.
Among those, he wants to eliminate the interest and dividends tax even though it is estimated to raise more than $130 million this year from fewer than 60,000 people and companies. This is irresponsible.
The interest and dividends tax truly taxes the rich, not the poor or middle class. The rate is just 5% and the first $2,400 is exempt, plus an additional $1,200 for anyone 65 or older or disabled. And New Hampshire does not tax interest and dividends in individual retirement accounts or capital gains.