Sales tax elimination: intriguing idea but bogus economics
The RI Center for Freedom and Prosperity, whose funding sources I look into here, has a so-called “prosperity agenda” that calls for elimination of the sales tax. At first glance this would appear to be a reasonable direction to move our State. It is no secret the sales tax is one of the most regressive [...]
House Finance will hear tax equity bills today
The powerful House Finance Committee will hear two bills on income tax equity today. One sponsored by Rep. Maria Cimini of Providence would raise income taxes on the richest Rhode Islanders by 2 percent and would mean $60 million for the state. The other, sponsored by Rep. Larry Valencia, who represents Exeter, Hopkinton and Richmond, [...]
Rep. Valencia continues push for tax equity
Rep. Larry Valencia is charging hard at injustice and promoting progressive values in the General Assembly. This Democrat serving Hopkinton, Exeter, and Richmond voted ‘Yea’ on marriage equality, is a cosponsor of the marijuana legalization bill, the lead sponsor of the repeal of Voter ID, cosponsors Rep. Maria Cimini’s Tax Equity bill, and has also [...]
For MetLife and Rhode Island, size matters
In the brouhaha about MetLife leaving, I did see and hear people try to blame this on the too-high RI taxes. Of course; it’s always about the taxes, isn’t it? I would like to make one point about that. For 2012, MetLife reported $1.4 Bn of operating earnings. In comparison, the $80-90 Mn of tax [...]
Tanzi On Tax Equity: Will Help State Save Money
Conventional wisdom might say that those who are elected to represent the “working class” will support tax equity and those who are elected to represent the “job creators” won’t. Narragansett and South Kingstown might boast the state’s most eclectic mix of both and their representation in the House, progressive Democrat Teresa Tanzi, says she supports [...]
Rep. Cimini: State Budget Balanced On Backs Of Poor
Progressive Providence Rep. Maria Cimini, said the General Assembly is balancing the budget on the backs of the poor while the richest Rhode Islanders get a pass as the state struggles through a recession. “I think it is really crucial that everyone in our state is called upon to sacrifice when we are struggling,” she [...]
Sen. Pichardo: Tax Equity
Senator Juan Pichardo, a one-man Latino caucus in the state Senate, is the lead sponsor of the tax equity bill in the that chamber. He says it’s important for the rich to pay their fair share so that Rhode Island can improve its failing infrastructure and get people back to work. He represents Elmwood and [...]
Will ‘Moving the Needle’ Help Rhode Island?
So, yesterday was the day when Senate President Teresa Paiva Weed threw down 25 bills that she hopes will “improve Rhode Island’s business climate and its position on national business-friendliness surveys.” After years of bad decisions and then paralysis, the General Assembly now has a collection of bills to review that stem from the recommendations [...]
Conservative Talking Points And Conspiracy Theories
In response to our post this morning about how increasing income taxes by 2 percent the tax rate for the richest 2 percent of Rhode Islanders, I got a couple responses on Twitter. One came from the RI Tea Party that I thought was particularly ridiculous, but I think it also speaks to a way [...]
Do RI Corporations Really Need A Tax Break?
This week, both the House and Senate finance committees considered legislation that would reduce the corporate income tax from 9 percent to 7 percent over the next three years. The move, as always, is touted as a way to make Rhode Island’s business climate more competitive with our neighboring states’. While Rhode Island’s corporate tax [...]
New York Times Calls Foul On ‘Flight Of Earls’ Myth
Can we finally put to rest the false idea that the rich will leave Rhode Island if the state raises taxes? The Earls aren’t fleeing the Ocean State, they flock here. We’ve got the best beaches and we treat our rich like they are royalty. And even if we only had the best beaches, the [...]
Nesi Takes On Tax Policy!
To my way of thinking, there are few things that would be better medicine for the debate on how to fix Rhode Island’s economy than for WPRI’s uber-influential blogger Ted Nesi to delve into the state’s tax policy in the same way he did for the pension debate. And lately, he has! Note the the [...]
Arguing With The Tax Policy Switcheroo
I was or will be on Channel 10′s News Conference Sunday show this week, depending on when you’re reading this. John Simmons, of the Rhode Island Public Expenditure Council, was a guest with me. An exchange we had reminds me of many I’ve had recently, including this comment from Dan DaPonte, the Senate Finance Committee [...]
An Epic Economic Fail
The experiment to build our economy with tax breaks for the wealthy continues to be an epic failure. A healthy middle class grows the economy, not giveaways to rich and powerful. We’re gearing up for another year at the State House to ensure all residents pay their fair share in taxes, not just you and [...]
Regressive Taxes Now Defines Progressive Victory
Progressives, liberals and Democrats have been getting their political butts kicked for so long that marginal defeats are starting to feel like victories. Such can certainly be said about Obama’s compromise on tax policy. The president campaigned on reversing tax breaks on those who make more than $250,000 a year. Instead he settled for increases [...]
2013: The Year for Tax Equity in Rhode Island
Progressives have a lot to look forward to in the upcoming legislative session. While everyone expects a high profile debate on marriage equality, it seems that State House leaders will consider tax equity, too. The Providence Journal reports this morning that House and Senate leaders are open to the idea of rolling back the Carcieri-era [...]
Americans Call for Tax Increases on the Wealthy
House Republicans may not want to see taxes raised on the rich, but the American people sure do. Reporting from outside the Capitol building is Graham Vyse, a former Chafee communications staffer who is now a grad student at American University’s Journalism and Public Affairs program.
Whitehouse: GOP Holding Middle Class Hostage
“Republicans fighting for millionaires and billionaires is not a new story,” said Senator Sheldon Whitehouse on the floor of the US Senate yesterday. It happens to be the current story too. Well, in the case of the fiscal cliff, House Republicans are actually fighting for the 2 percent, or the affluent American families who earn [...]
RI Spends More Than Neighbors on Tax Breaks
Rhode Island spends more per capita and more per dollar of state budget in tax incentives and expenditures than most nearby states, according to an investigation by the New York Times that examines the value of such corporate giveaways in an era of government austerity. The series is called, “Unites States of Subsidies” and the [...]
Democrats, Don’t Throw My House Off the Fiscal Cliff
With the election over, across the country progressives are wondering, will the 2nd Obama administration be more progressive than the first? I’m not holding my breath on that one. Of particular concern for me and for you if you’re a home owner, is the potential for a disastrous change in the home mortgage deduction. We’re [...]
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