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, [...]
Also at the State House today: tax equity event
What’s an understaffed progressive news website to do? There’s marriage equality in the Senate Judiciary Committee, marijuana legalization at Brown and – rounding out the trifecta of local progressive issues – a briefing on a bill that would tax the rich in room 211 of the State House. Tax equity advocates, including labor leaders, municipal [...]
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 [...]
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 [...]
Tax Equity Would Mean More Revenue For RI
A bill that would raise $66 million in new revenue by increasing income taxes for the richest Rhode Islanders is now in the hands of the General Assembly. The legislation, sponsored by Rep. Maria Cimini and Senator Juan Pichardo, both of Providence, would increase the income tax rate on those who earn more than $250,000 [...]
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 [...]
Tax Equity Bill Would Mean $66 Million For State
The state could collect a much-needed $66 million in additional revenue by raising the income tax rate the richest 2 percent of residents pay by 2 percent. That’s the message tax equity advocates will announce at a press conference at the State House this afternoon. “We can’t keep going down this failed path,” said Kristina [...]
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 [...]
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 [...]
Report Confirms Rhode Island Taxes Are Regressive
A new report confirms what progressives have saying for several legislative sessions now: Rhode Island needs tax equity. According to the nonpartisan Institute on Taxation and Economic Policy report the poorest Rhode Islanders will pay more than twice as much in percentage of income than will the richest residents of the Ocean State. Rhode Island [...]
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 [...]
Chafee Takes Economic Center Stage Tonight
While Senate President Teresa Paiva Weed may have tried to focus some of the attention away from marriage equality with a press conference on the economy yesterday, the real news will happen tonight when Gov. Linc Chafee gives the annual State of the State speech. In it, he will outline his proposal for next year’s [...]
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 [...]
Help Pass Tax Fairness For Rhode Island Tonight
Tonight’s your chance to help bring tax fairness to Rhode Island. Ocean State Action is holding a phone bank party its headquarters at 99 Bald Hill Rd. in Cranston from 5:30 to 8 p.m. “We’ll be mobilizing Rhode Islanders from Woonsocket to Westerly to contact their elected officials in support of tax fairness,” said Kristina [...]
Let’s Have 2013 Be A Year For Action in Rhode Island
It’s hard to know, only one sunrise removed, how 2012 will be remembered in Rhode Island. In so many ways, it seems it was a year defined by inaction. Most notably, we watched as our $75 million investment in a baseball player’s ability to launch a video game company – not surprisingly – went south. [...]
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 [...]
RI – What Went Wrong: Tax Cuts for the Affluent
In the previous installment I discussed the devastation wrought by massive austerity, which was the principle cause of Rhode Island’s terrible jobs picture. The traditional justification from austerity apologists is that those public sector cuts were necessary, and Rhode Island was forced to make those layoffs. Of course, this argument makes no sense in Rhode [...]
Want an Efficient Historic Tax Credit? Raise Taxes
As the maneuvering in advance of the next legislative session gets into gear, we keep hearing that the state’s historic structures tax credit is to be revived. To recap: for several years, Rhode Island had a tax credit available for developers who restored historic buildings. It was essentially a subsidy for 30% of the cost [...]
Progress Report: Tax Fairness; the End of Reaganomics; Free Market Lesson for Mike Riley; Curating the News
If Obamacare’s survival was the biggest policy victory of the election, a close second has to be tax equity. In his first post-election presser, Obama said yesterday the nation needs to ask the richest 2 percent of the population to pony up a few more tax dollars if we’re to avoid a fiscal disaster. Congressional [...]
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