NH House Approves New Capital Gains, Estate Taxes
CONCORD, N.H. (AP) ¿ House Democrats fended off Republican efforts Thursday to kill capital gains, estate and other taxes needed to pay for an $11.5 billion budget already on its way to the Senate.
The House voted 182-165 largely along party lines to increase existing taxes on dining out, renting hotel rooms, cigarettes and new taxes on gambling winnings, a 5 percent tax on capital gains above $5,000 and an 8 percent tax on estates larger than $2 million. The House also approved freezing an insurance tax scheduled to decrease.
The package also includes a 15-cent increase in the state's 19.6-cent gas tax, spreading the hike over three years on gas and over nine years on diesel, which Republicans did not oppose.Republicans took special aim at the proposed capital gains tax, arguing it would destroy New Hampshire's attraction to businesses and wealthy individuals as a state without a personal income tax. "We will have irrevocably committed this state to the course of an income tax," Hooksett Republican David Hess said.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV