I am here today to offer testimony on House Bill 642, which was introduced by Representative Jessie Osborne earlier this year and which would improve New Hampshire’s tax system, both by generating additional revenue and by shifting greater responsibility for such revenue onto those state residents with a greater ability to pay.
In the time that has been allotted to me this afternoon, I would like to expand upon that general conclusion. In particular, my aim is to:
• offer a brief description of the bill;
• present ITEP’s estimates of the revenue the bill would yield and of the effect the bill would have upon taxpayers at various income levels;
• examine some of the key differences between ITEP’s estimates and the analysis of the bill conducted by the Department of Revenue Administration, and;
• discuss the need for an income tax in New Hampshire.
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