Concord Monitor: Common-sense reforms can address inequality, budget shortfalls
media mention“A comprehensive national report issued this week demonstrates that New Hampshire’s state and local tax system asks far more of low- and moderate-income taxpayers than wealthy ones. The report, released by the Institute on Taxation and Economic Policy, finds that, on average, non-elderly individuals and families in the bottom fifth of the income distribution in New Hampshire pay 8.3 percent of their incomes in state and local taxes. Stated somewhat differently, anyone with an income of less than $27,000 annually can expect to pay $8.30 in state and local taxes for every $100 he or she receives. In sharp contrast, the very wealthiest 1 percent of Granite Staters – individuals and families with incomes of $468,000 or more each year – face an effective tax rate of just 2.6 percent.”