Local Candidates Debate was held October 18th, 2012 in Wolfeboro: You can watch it here.
Our NH Tax Structure and my proposal for a Homestead Exemption
I've been getting a lot of questions about the Homestead Exemption which I have proposed. The fact is that our NH tax structure is regressive: the less money you have, the greater percentage of your income you pay in taxes to the state. Those in the lowest 20% of income pay an average of 8.3% in NH taxes, while the top 1% end up paying only 2% of their income in NH taxes. For a graph and informational sheet about this click here.
What can be done to make sure that any additional costs of state and local government are not passed on disproportionately to those who are already paying more than a fair share?
As I have stated in various forums and interviews, I am not in favor of a sales tax, as this too is a regressive tax, would be expensive to implement, and would also place an additional burden on retail businesses already struggling to keep afloat in this challenging economy.
We are likely to be stuck with our current tax system unless or until there is a shift in public opinion regarding the possibility of an income tax. How can we make our current system fairer? The best way I can think of so far is that we should have a Homestead Exemption. This would exempt some amount of the value of your primary home, in which you live, from some of the property tax. For instance, you might not be taxed on the first $75,000 of the assessed value of your primary home. This would give homeowners some much needed relief.
Got a better idea? I would love to hear it! Please call or email me and let me know.
produced in-house with volunteer labor by Beverly Woods for NH State Representative