CONCORD, N.H. (AP) - New Hampshire's two main Republican gubernatorial candidates both propose cutting business taxes - the state's largest revenue source - without saying how they would pay for the cuts.
Kevin Smith's proposed tax cuts could potentially cost the state more than $1 billion in lost revenue by 2020 if his premise that lower tax rates will boost revenue isn't realized.
His main rival, Ovide Lamontagne, has a more modest tax cut proposal that could mean $120 million in lost revenue during the same timeframe.
Both also propose tax changes that are more difficult to estimate, such as credits. They could mean even more revenue losses.
Neither has outlined specifically how they would seek offset the tax cuts in the budget. Both propose to look for efficiencies during budget writing.
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