NASHUA – New Hampshire U.S. Senator Maggie Hassan and Congresswoman Annie Kuster joined Nashua Mayor Jim Donchess at Clocktower Place in the Nashua’s Millyard on Friday to voice their opposition to Congress’ proposed tax plans.
On Thursday, House Republicans passed their bill with zero Democratic support. Republicans claim the $1.5 trillion in tax cuts would put more money in the pocket of the average person. But most of the cuts go to corporations – the corporate rate would drop from 35 percent to 20 percent – and to the wealthiest Americans. Meanwhile, some middle class Americans would wind up paying more in taxes.
Sen. Hassan (D-N.H.) said the bill would benefit the wealthiest people and corporations at the expense of average businesses and taxpayers.
“This plan would hurt millions of middle class families just to benefit corporate special interests,” Hassan said.
Congresswoman Kuster (D-N.H.) echoed Hassan’s concerns about the impact the plan would have on average families and businesses. She also noted that the corporate tax cuts would be permanent while several of the key provisions for the middle class – like the Family Flexibility Credit – would sunset in 2022.
“We agree that we need to simplify the tax code and make it easier for families and businesses to file their taxes. We agree that we need to make it easier, not harder, for students to save and pay for college. This bill does the opposite,” Kuster said.
During his remarks, Donchess highlighted that the plan would eliminate the federal historic tax credit, which covers 20 percent of the cost of private sector rehabilitation and reuse of historic buildings. The site of the press conference, Clocktower Place, is a former mill building that benefitted from the federal historic tax credit when it was converted to an apartment complex. A nearby building, the Cotton Mill Apartments, and the nearly-completed Brady Sullivan development, located at an old mill building on 34 Franklin St., also benefited from the Historic Tax Credit.
“If the federal historic tax credit is eliminated, it will stop dead in its tracks all historic preservation projects,” Donchess said.
Leaders from the education, senior living and small business communities also spoke in opposition to the bills: Ken Ferreira, associate vice president for student financial services at Franklin Pierce University; Lisa Henderson, executive director of LeadingAge Maine and N.H., which represents senior living communities and care providers; and Adria Bagshaw, vice president of W.H. Bagshaw, a manufacturing company in the Nashua Millyard.
All three said the bill contains provisions that would negatively impact those they represent.