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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.

In 2018, according to the New Hampshire Department of Revenue, about half the state’s interest and dividends tax revenue came from fewer than 1,600 returns — an average of more than $30,000. You would have to have more than $600,000 in interest and dividend income to have to pay that much.

The interest and dividends tax applies only to those most able to pay. It raises much-needed funds for government services like public education, job training programs, housing assistance, natural lands conservation and much more. Right now, we know the state and its residents will need assistance to recover from the pandemic.

Any erosion of state tax income pushes the cost for needed services directly to property taxes.

Please ask Gov. Sununu and your state representatives and senator to leave the interest and dividends tax alone. None of us can afford not to.

ELLIS ROBINSON

Grantham

Hanover High School mascot change: Money not well spent

Only in Hanover could such attention be paid to a high school mascot that is in no way offensive to any minority group. And think of the money required to make this change.

Could not the money be spent to help people in need? But perhaps in Hanover there are no people in need. Could not the money be spent to help people in need in other communities? But perhaps in Hanover there are those who don’t care about people in need in other communities.

LAIRD KLINGLER

Cornish

Mitch McConnell’s only goal is obstruction of Joe Biden’s agenda

It is appalling, but not surprising, that Senate Minority Leader Mitch McConnell, R-Ky., has stated that his No. 1 focus is blocking anything President Joe Biden proposes.

That means he opposes infrastructure improvement, child care advancement, COVID-19 relief, expanded vaccination efforts and anything benefiting the average citizen.

McConnell enjoys extreme wealth and I believe he cares nothing about regular, hardworking Americans who struggle to pay their bills with no opportunity to move ahead in life.

He does not deserve a position in our government.

SARAH STABLEFORD

East Thetford

Were lessons learned in alleged kidnapping?

Pete Bleyler’s Forum letter (“Lessons to be learned,” May 6) is right on regarding the recent alleged kidnapping incident in (“Woman accused of kidnapping, forcing drive to WRJ,” April 30).

Leaving a loaded gun in an unlocked car is just wrong, and something no responsible gun owner would do.

That brings up the question of what has happened to the loaded gun after it was confiscated.

We fervently hope it was not returned to that irresponsible gun owner.

DAN and JULIE O’HARA

Lyme

A worst-case scenario

Every week our government publishes the number of jobs. How many are making military goods? Planes, ships, etc.?

What good would they do if Communist China finds a way to occupy mainland America? Sailors at sea starving to death, our mainland unbombable. We aren’t going to bomb our own cities. Think about it.

ROGER SMALL

Claremont




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