| This article about New Hampshire sheds light on my points about how low taxation (Or better yet, none) leads to overall prosperity. Look at the model of New Hampshire, and think about what this could do for us in Michigan?
Low-tax New Hampshire Draws Business with its Quality of Life |
Three of the state’s communities earn top ratings from Money magazine.
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[ 1/1/1998 ] By: Ann K. Morris |
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Not many states can claim that they have neither a general sales tax nor an income tax. In fact, only two can do that, and one of them is New Hampshire. Its 1784 constitution states, “Moderation, temperance, industry and frugality,” and the state is still following these wise recommendations.New Hampshire has no capital gains tax, no inventory tax and no property tax on machinery or equipment. It has one of the lowest unemployment insurance rates in the country and offers investment and job tax credits.
New Hampshire companies find that the state is a good place both to do business and live. With no general personal income, sales or use tax, New Hampshire has one of the highest rates of home ownership in the country. Housing prices are also reasonable, with three-bedroom, 1 1/2-bath homes selling for $80,000 to $140,000.
More than quality of life
| New Hampshire’s Pease International Tradeport welcomed at least eight new companies and 800 jobs in 1997. |
The Pease International Tradeport became home to at least eight companies and development projects, as well as 800 new jobs, in 1997, and the state’s great quality of life takes partial credit. The tradeport, which logged the largest percentage gain in air cargo handled by any airport in New England in 1996, also attracts people with its infrastructure.”Everyone you talk to in New Hampshire always talks about the quality of life,” Roger Booker, vice president of operations at Objective Communications told the Boston Sunday Globe. “Coming out of the Washington, D.C. area, certainly there’s more of a sense of community here.”
Objective Communications, a company in the computer industry, relocated to the tradeport in 1997 and expects to hire more than 100 people by mid-1998.
Top-billed communities
New Hampshire’s quality of life has garnered national attention for years. Money magazine recently recognized three New Hampshire communities as some of the best places to live in the United States. In its 11th Annual Best Places to Live survey, the magazine ranked Nashua number one, Portsmouth number five and Manchester number six. Nashua is actually the only community to win the top spot twice. (It was ranked number one in 1987, too.)
“The friendly former mill town on the Merrimack and Nashua rivers, 36 miles north of Boston, got there this time courtesy of a bustling high-tech-driven economy that rebounded smartly from a painful ‘89 to ‘93 recession,” said Money magazine.
New Hampshire also showed up on a national health survey by Relia-
Star Financial Corp., where it ranked second-healthiest in the nation in 1997.
New Hampshire offers state-of-the-art telecommunications through NYNEX and 13 independent telephone companies. The state’s electricity comes from the New England and Northeast regional power grids and 11 New Hampshire utilities. Natural gas is available through two utilities.
NEW HAMPSHIRE FACTS AND CONTACTS
DEMOGRAPHY AND
ECONOMY
Population: 1,173,000 (1997)
Population Growth Rate: 21.1% (1980-92)
Capital: Concord
Three Largest Cities: Manchester (102,675); Nashua (82,285); Concord (37,850)
GSP: $25.5 billion
Per Capita Income: $25,587
Percentage of Durable Goods Manufacturing Labor Force Organized: 6.5
Right to Work State: No
Unemployment Rate: 3.1%
Population Over 25 With Bachelor’s Degree or More: 25.8%
Corporate Income Tax Rate: 7.0%
Percentage Employment by Sector: government, 14.0; construction, 3.7; manufacturing, 18.6; mining, .10; FIRE, 5.0; transportation/ communications, 3.4; wholesale/retail, 26.3; services, 28.9
Primary Industries: Industrial and commercial machinery, electronic and electrical equipment, fabricated metal products
Targeted Industries: Space research and development; lumber and wood; computer products; health services; educational services; business and financial services; electrical products; instruments
FOR MORE INFORMATION CONTACT
William E. Pillsbury, Jr., Director
New Hampshire Office of Business and Industrial Dev., 172 Pembroke Rd., P.O. Box 1856, Concord, NH 03302-1856
Tel: (603) 271-2591 Fax: (603) 271-6784 |
Posted: August 28th, 2008 under Economy.
Comments: 2
