Under the “one big beautiful bill,” passed by Congress and signed into law by President Trump, the typical Concord resident is expected to pay roughly $1,000 less in federal taxes next year, according to an analysis from the Institute on Taxation and Economic Policy. The impact of the plan’s cuts to federal assistance, along with a ballooning federal debt and the rising cost of tariffs, however, is expected to far outweigh those savings. Although some portions of the budget bill target lower earners, like increases to the child tax credit and the elimination of taxes on some tips, the law will deliver the largest tax cuts to the wealthiest Americans — including those living in the Granite State.
The U.S. Census estimates that the median Concord resident makes $49,920 a year, putting them in the lower 40% of earners statewide.
As the result of the federal budget bill, the bottom 20% of earners in New Hampshire will see a net drop in their taxes of about $200, while the top 1% — those making more than about $895,000 — will have roughly $59,000 taken off their tax bill, according to the analysis. As a share of the overall tax break, the bottom 20% of earners nationwide will receive functionally 0% of the dollar-for-dollar benefit, the institute found. The top 20% will receive 72% of the reduction.
“For working-class Americans, the tax cuts in the House bill are extremely modest, and overall taxes would rise for these families when the impact of higher import taxes,.
