Governor Chris Sununu Statement on Congressional Tax Plan
Concord, NH – Today, Governor Chris Sununu issued the following statement on the newly released Congressional tax plan:
"Our nation's tax code is a broken mess of rules and regulations. It rewards special interests, punishes success and holds back millions of Americans seeking better jobs, higher wages, and greater opportunities.
"Today's tax reform package is a very good step in a positive direction to overhaul our nation's tax code for the first time in 31 years and allows people to keep more of their income. I'm pleased to see this plan provides tax cuts to our hard-working residents by doubling the standard deduction to $12,000 for individuals and $24,000 for families. A typical middle-income family of four in New Hampshire, earning $59,000, will receive a $1,182 tax cut per year. I'm also pleased that the plan makes no changes to 401(K) plans that are crucial for many retiring Americans in the middle class. Inclusion of property tax exemption up to the first $10,000, is a huge benefit to Granite Staters struggling to pay their property taxes.
"America's business tax rates are probably the most self-destructive feature of the current system. By reducing the highest business tax rate in the developed world, something that we have shown, right here in New Hampshire, is a huge boost to competitiveness that creates new jobs and higher wages. And finally repealing the death tax is long overdue.
"I will continue to carefully review the details to see how it impacts Granite State taxpayers and I will be looking closely to see how these tax cuts will be paid for so as not to further bloat the federal deficit and whether the overall plan begins to curtail the growth of government while maintaining essential services. While the process for achieving tax reform has just begun, I am encouraged by the initial details that this is a plan that will work for New Hampshire and will continue to analyze the details as the process moves forward."