According to a new study released by Ernst & Young, titled “Long-Run Macroeconomic Impact Of Increasing Tax Rates On High-Income Taxpayers In 2013,” President Obama’s proposal to raise tax rates for those making over $200,000 will have a significant impact on New Hampshire.
The study details that the tax increase would cost New Hampshire 3,400 jobs as well as approximately $900 million in lost economic output, which translates into lost state and federal revenue. Much of these losses would be due to small business owners forced to lay off workers and scale back operations. Many opponents of the Presidents’ plan are also citing reduced business investment as a potential consequence of the plan.
Read the full Ernst & Young study, including New Hampshire-centric data, here.