Connect with us

New Hampshire

Experts eye tax changes ahead of Trump-era cuts’ sunset • New Hampshire Bulletin

Published

on

Experts eye tax changes ahead of Trump-era cuts’ sunset • New Hampshire Bulletin


WASHINGTON – The race to harness the tax code is in full swing as economists and advocates across the political spectrum view the expiring Trump-era tax law as an opportunity to advance their economic priorities.

Democratic Rep. Suzan DelBene of Washington said Wednesday that reworking the tax code will be “a reflection of what your values are.”

DelBene, who sits on the U.S. House Committee on Ways and Means Subcommittee on Tax Policy, said her priorities include modernizing the tax code, raising revenue via carbon fees on imported goods, and making permanent an expanded child tax credit akin to the temporary changes in place during the pandemic.

“The top line is starting from what our values and goals are, and then looking at what the policies are that help us get there,” DelBene said at a Politico-sponsored discussion on proposed tax law changes.

Advertisement

The early morning event at Washington’s Union Station brought together tax experts and advocates from Georgetown University Law Center, the Urban Institute, the Heritage Foundation and Groundwork Collaborative.

Tax overhaul

The massive tax overhaul ushered in under the Trump administration permanently cut the corporate tax rate to 21 percent from 35 percent. The 2017 law, championed by Republicans as the Tax Cuts and Jobs Act, also put in place several temporary measures for corporations and small businesses. Some are phasing out or already expired, including immediate deductions for certain investments.

Temporary changes for households included marginal tax rate cuts across the board, a doubling of the child tax credit, and a near doubling of the standard deduction – all of which are set to expire Dec. 31, 2025.

A bipartisan bill to temporarily extend the expiring business incentives and expand the child tax credit beyond 2025 sailed through the U.S. House in late January, but has been stalled by U.S. Senate Republicans who oppose some of the child tax credit expansion proposals.

A May 2024 nonpartisan Congressional Budget Office report estimated extending the tax cuts would cost roughly $4.6 trillion over 10 years. The bulk of the cost would stem from keeping in place individual tax cuts, according to an analysis of the report by the Bipartisan Policy Center.

Advertisement

Critics of the 2017 law point to a recent March analysis from academics and members of the Joint Committee on Taxation and the Federal Reserve that shows that the law’s benefits flowed to the highest earners.

DelBene said revisiting the corporate tax rate, even on the Republican side, is “on the table” and lawmakers will be talking about “where the TCJA wasn’t about investing and making sure that we were being fiscally responsible.”

‘Incredibly bullish’

Lindsay Owens, executive director of the Groundwork Collaborative, said she’s “incredibly bullish” on elected officials making “fundamental changes” to the tax code next year.

The progressive think tank sent a letter last week to House and Senate leadership and top tax writers urging them “to use the expiration of these provisions as an opportunity to address long-standing problems with our tax code, not just to tinker around the edges.”

The letter was signed by 100 organizations from across the U.S., ranging from the AFL-CIO and the United Auto Workers to the National Women’s Law Center and United Church of Christ.

Advertisement

Stephen Moore, who helped write the Trump-era tax law and is now the conservative Heritage Foundation’s senior visiting fellow in economics, said the 2017 law was a “huge success” and that “we’re gonna definitely make those tax cuts permanent.”

Moore is an economic adviser for former President Donald Trump’s reelection effort, but said he was not speaking on behalf of the presidential campaign.

He said he does not agree with Trump on everything, including a promise to enact 10 percent tariffs on imported goods, reaching as high as 60 percent on Chinese imports.

“A tariff is just a consumption tax,” he said. “And so you know, I think that it is not a great policy, in my opinion. But if you’re gonna have a tariff, I would rather have a tariff that is uniform than trying to have, like, a protectionist tariff to, you know, protect this industry or that industry.”

When pressed on data that shows funding the Internal Revenue Service increases revenue, Moore said that President Joe Biden’s increase in funding for the agency is “diabolical.”

Advertisement



Source link

New Hampshire

Wood Partners Enters Rhode Island and New Hampshire

Published

on

Wood Partners Enters Rhode Island and New Hampshire


Leading multifamily developer breaks ground on two luxury communities in new markets

BOSTON , June 17, 2024 /PRNewswire/ — National multifamily developer Wood Partners today announced the start of construction on Alta Altitude in Warwick, Rhode Island, and Alta Oak & Pine in Londonderry, New Hampshire, marking its entry into both states. These multifamily communities will bring more than 475 units of much needed housing to these markets that have seen a shortage of new development.

“We are consistently looking to develop in key growth markets that offer convenient transportation, access to a highly educated workforce and provide an unmatched residential experience,” said Mark Seck, Vice President for Wood Partners’ Boston office. “We are excited to add Rhode Island and New Hampshire to our rapidly growing portfolio of well-located, luxury multifamily communities.”

Wood Partners’ Alta brand features Class-A apartment living with premier amenities and unparalleled design. Residents can expect stainless steel appliances, quartz countertops and upscale finishes.

Advertisement

Alta Altitude in Rhode Island is designed as two four-story buildings containing 214 apartment homes with an expansive courtyard. The apartments are located within the City of Warwick’s “City Centre,” a 95-acre Master Plan that calls for more than 1.5 million square feet of office, retail, hotel, commercial and residential. Highly walkable, Alta Altitude is conveniently located just off Interstate 95 and adjacent to T.F. Green International Airport and the T.F. Green MBTA Train Station. Amenities at Alta Altitude will include a state-of-the-art fitness center, resident lounges, gaming and entertainment and a beautifully landscaped courtyard with resort style swimming pool, fire pits and grilling areas. The community broke ground in May 2024 and is expected to deliver first units in Summer 2025. 

Alta Oak & Pine in New Hampshire comprises 11 three-story residential buildings and a stand-alone amenity building. The 264 units will be a mix of one-, two-, and three-bedroom floorplans. Located just off Interstate 93, the 11-acre site is part of the Woodmont Commons master development, which is approved for more than 1 million square feet of office, retail and residential. Premier amenities include a state-of-the-art fitness space, work-from-home lounge, game area, swimming pool, large greenspace, dog park and pet spa, and outdoor grilling, firepits and lounging areas. The community broke ground in May 2024 and is expected to deliver first units in Spring 2025.

For more information on Wood Partners and its communities, visit woodpartners.com.

About Wood Partners
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of more than 100,000 multifamily homes with a combined capitalization of $21 billion. The company currently owns 80+ properties across the United States representing more than 25,000 units. Headquartered in Atlanta, Wood Partners has offices in 19 major markets covering development across 18 states nationwide. Wood Partners is consistently ranked as one of the five largest multifamily developers in the United States. For more information, visit woodpartners.com

Media Contact:

Advertisement

Addy Kundla

The Wilbert Group

[email protected]

SOURCE Wood Partners



Source link

Advertisement
Continue Reading

New Hampshire

Joe Kelly Crashes NH-01 GOP Primary – NH Journal

Published

on

Joe Kelly Crashes NH-01 GOP Primary – NH Journal


Joe Kelly Levasseur signs up to run in NH-01 GOP primary, June 14, 2024.

It took until the last day of filing, but MAGA finally made the GOP primary ballot in New Hampshire.

On Friday afternoon, Manchester Alderman-at-Large Joe Kelly Levasseur formally entered the First Congressional District Republican primary. He told NHJournal he did it for one reason: To support Donald Trump.

“One hundred percent to be with Trump and to help him get his agenda through,” Levasseur said when asked why he’s running. “Stop the lawfare, stop the impeachments, stop the Democrat hit pieces on this guy. He needs allies, he doesn’t need milquetoast Republicans. He needs real, hard-core ‘America First’ Republicans in Congress.”

Advertisement

Levasseur is joining a field that already features businessman and military veteran Chris Bright, business owner Hollie Noveletsky, and former Executive Councilor Russell Prescott. Bright and Noveletsky are first-time candidates, while Prescott came in fourth in the 2022 GOP primary for this seat. He plans to inject a surge of Trumpian politics into what he sees as a sleepy race for the nomination.

“They’ve been running for months and months. Nobody’s been talking about it or hearing about it,” Levasseur said of the rest of the GOP field. And while he also described Noveletsky and Prescott as “very serious candidates who got in early,” he says his entrance into the race will help them.

“I think they’re going to benefit by me getting in,” Levasseur told WFEA radio host Drew Cline on Friday. “I think it’ll add a lot more energy and it will certainly focus a lot more [attention] over to this side of the district,” meaning Manchester as opposed to the seacoast.

“A lot of people know me and I think there’ll be a lot more attention on this race,” Levasseur said.

Greg Moore with Americans for Prosperity New Hampshire described Levasseur’s decision “the only real spice added during the filing period” for the September primaries. “The rest was pretty well baked into the cake.”

Advertisement

Not that everyone is happy about Levasseur’s decision. A frequent candidate, a combative media presence, and an outspoken member of the GOP’s populist wing, Levasseur has plenty of enemies on both sides of the aisle.

“He’s Karoline Leavitt without the money or good looks,” one New Hampshire Republican activist told NHJournal on background.

Levasseur has run for office several times before, including a narrow loss to Chris Pappas in the 2016 Executive Council race. Two years later, Pappas was elected to Congress. He’s also run for state Senate and House of Representatives, and he was elected Hillsborough County Register of Probate in 2014.

One unintended consequence of Levasseur’s candidacy could be its impact on the race for governor. Levasseur says he plans to make Manchester — and the Democrats’ poor performance there — a central part of his campaign. Which means plenty of negative attacks on former Mayor Joyce Craig.

“I want to give Joyce Craig the credit she’s due,” Levasseur told NHJournal. “She really is responsible for turning Manchester from blue to red.”

Advertisement

Republicans have a functioning majority on the board for the first time since 1998.



Source link

Continue Reading

New Hampshire

State expands eligible abuse for YDC payment, ups settlement caps • New Hampshire Bulletin

Published

on

State expands eligible abuse for YDC payment, ups settlement caps • New Hampshire Bulletin


The state has broadened who can seek payment for abuse while at the former Youth Development Center. 

Gov. Chris Sununu signed Senate Bill 591 Friday, which immediately expands the type of abuse eligible for payment but also increases settlement payment caps and gives individuals six more months to submit claims.

Under the new law, lawmakers added $60 million to the original $100 million Youth Development Center settlement fund to expand and increase compensation to victims. 

Until Friday, the state considered claims for only sexual and physical assault, and it capped awards at $1.5 million for sexual assault or a combination of sexual and physical assault and at $150,000 for physical abuse alone.

Advertisement

Now, there is an additional cateogry for “egregious” sexual abuse, defined as “wanton or cruel” abuse, that goes beyond what most victims experience. Those claims would be capped at $2.5 million.

Also new is a category for “other” abuse, which could include unlawful restraint, confinement, strip searches, and intentional infliction of emotional distress. 

The two attorneys who represent nearly 1,000 former YDC residents have encouraged them to sue the state rather than settle because of limits on payments and eligible abuse. The attorneys told lawmakers they’d encourage their clients to settle instead under the bill.

In a statement Friday, Attorney General John Formella, whose office oversees the settlement process, thanked lawmakers, the governor, and the two attorneys who represent nearly 1,000 former YDC residents for supporting the legislation signed into law Friday.

“As we move forward, we are committed to working closely with (the fund’s administrator), plaintiffs’ counsel, and, most importantly, the victims themselves, to ensure that the implementation of these changes is conducted with fairness, respect, and efficiency,” Formella said. “Together, we are dedicated to providing victims with the justice and closure they deserve.”

Advertisement

Claims, which will now be accepted until May, can be filed via the Attorney General’s website, ydcclaims.nh.gov



Source link

Continue Reading
Advertisement

Trending