State is Lying
Well you have been fooled by the so called NH advantage - no income tax - that is a lie - if you are single and earn more than $2,400 in interest and dividends you pay 5% - I consider interest and dividends income. Also effective this year - you go to Foxwoods and hit a $10,000 slot - State of NH will take 10% of your winnings - and to top it off - you can not offset any gambling losses against this income - so if you lost the $10,000 the next nite - Nh would still take 10% in taxes from you. On the business side - you pay a .75% enterprise tax based on payroll paid, interest paid and dividends paid, you pay a 8.5% business profits tax and effective this year (under certain conditions) LLC's and partnerships may pay up to 13.5% in taxes - do not quote me (but I know I am pretty close) when it comes to business taxes NH rates 47th out of the 50 states - so what advantage do we really have?
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11-25-2009, 09:33 AM
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