Republican gubernatorial candidate Walt Havenstein says lowering the state’s business profits tax is part of his plan to create 25,000 new jobs by August 2017.
Walt Havenstein says under his plan, reducing the tax from 8.5% to 7.4% would take place over two budget cycles.
The former BAE CEO acknowledged it would cost the state $50 million in revenue in the first biennium, but says no spending cuts would be needed.
“Even at our meager, meager anemic growth rate, our growth rate will offset that particular reduction.”
Havenstein also pledged to make New Hampshire a right-to-work state.
His Republican opponent, Andrew Hemingway, wants to reform the entire state corporate tax code and create a 2% business flat tax.
New Hampshire Democrats called Havenstein’s plan “disastrous.”
Havenstein and Hemingway face off in a primary on September 9th.