The little state of New Hampshire is situated in the northeastern part of the country. The political leanings of the state are a topic of much discussion, particularly whether it is a “red” or “blue” state. It’s crucial to look at the state’s most recent voting trends and political demography in order to provide a response to this topic.
New Hampshire has recently been categorized as a battleground state, which means that it is a contest between Republicans and Democrats. With a margin of just 0.4%, the state chose Democrat Hillary Clinton over Republican Donald Trump in the 2016 presidential election. In contrast, the state supported Democrat Joe Biden by a margin of 7.4% in the 2020 election. Despite this, there are still many Republicans in the state, especially in the executive council and state legislature.
The comparatively sparse population of New Hampshire is one aspect that shapes the state’s political scene. The population of the state is barely over 1.3 million, and its rural sections are often more conservative. Its metropolitan hubs, like Manchester and Nashua, lean more liberally, nevertheless.
The question of whether taxes are higher in Vermont versus New Hampshire is a common one when discussing taxation. The reason Vermont has more taxes overall than New Hampshire is that state. While Vermont levies a state income tax with rates ranging from 3.5% to 8.75%, New Hampshire does not. Nevertheless, Vermont has a lower sales tax than New Hampshire, with a 6% rate as opposed to 0% for New Hampshire. In general, Vermont’s property taxes are greater than New Hampshire’s.
Maine would be a better choice if you want even lower taxes. Maine’s state income tax rate, which ranges from 5.8% to 7.15%, is lower than Vermont’s, at 5.5%. Maine’s property taxes are comparable to those in New Hampshire.
Many people enquire as to whether New Hampshire is generally a tax-friendly state. The answer is definitely yes, especially for retirees. Sales, state income, and inheritance taxes are nonexistent in the state. In addition, the state has a low property tax rate and does not tax Social Security benefits.
Finally, there are a few tactics you might employ if you want to avoid paying capital gains tax. Holding onto your assets until you pass away is one choice; at that point, they will receive a “step-up” in basis and have their value reset to the current market value. This entails that the assets’ appreciation during your lifetime will not be taxed as capital gains when your heirs sell them. Another choice is to transfer appreciated property to a charity, which can help you avoid paying capital gains tax and allow you to deduct the donation from your taxes.
In conclusion, New Hampshire is a crucial swing state with a sizable Republican population, but it also has some liberal metropolitan areas. Maine has taxes that are comparable to New Hampshire but Vermont has overall higher rates than New Hampshire. In general, New Hampshire is regarded as a tax-friendly state, especially for retirees. There are methods you can employ if you want to avoid paying capital gains tax, such as keeping assets until death or giving appreciated assets to charities.