Bill sponsor Malik more unbiased than WPRO news
Here’s an interesting instance of media bias: a WPRO preview story on a proposal to eliminate the state sales tax was less balanced than an op/ed in the Fall River Herald News written by the bill’s sponsor, Jan Malik. The WPRO report uses an interview between conservative talk show host Matt Allen, a supporter of [...]
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 [...]
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 [...]
Real Key To Fixing R.I.’s Business Climate
On Tuesday, amendments to the state’s tax code regarding the corporate income tax rate was reviewed by the Senate Committe on Finance. The amendments, straight from the desk of Gov. Lincoln Chafee, would lower the tax rate on corporate profits from 9 percent to 7 percent over the next three years. While the proponents of [...]
Why Leaving RI To Save Tax Dollars Is A Bad Investment
Anyone who leaves Rhode Island for a better life, god bless. Anyone who leaves to save money, good riddance. And to anyone who would confuse the two, get real. As the progressive left in the Ocean State calls on the General Assembly to reverse the Carcieri-era tax breaks for the rich, the best defense 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 [...]
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 [...]
Privatization of Higher Ed Violates State Constitution
As reported here and here, the University of Rhode Island has spent close to $500,000 on repairs of its president’s tuition-funded home, which is among the fringe benefits that come with the president’s job, such as a car, an expense account, and club dues. Excessive administrative spending is but one of many results of nationwide privatization of [...]
ALEC: Bad for the Economy
Last year, there was a lot of talk here about ALEC, the American Legislative Exchange Council. This corporate-backed “research” group produces model legislation for the states and recruits and promotes legislators who are likely to introduce it. It’s a pretty slick outfit, well-funded, with lots of opportunities for travel, and lots of opportunities to make [...]
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 [...]
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 [...]
Why Stock Buybacks Benefit Corporate Greed
One of my last posts touched on how corporations are spending their money, what they are doing and not doing with the piles of record profits they’ve been making in the past few years while median wages have stagnated or fallen. Here’s some additional information. First, the cites: online.wsj.com/article/SB10000872396390444657804578052472320753336.html www.thereformedbroker.com/2012/10/12/the-buyback-epidemic/ If you piece the two [...]
The Tax Stat the Right Wing Doesn’t Want You to See
You’ve seen it so many times before it’s almost a cliché: An anti-tax, corporate front group produces a report on taxes, and Rhode Island ranks unfavorably. Invariably next, the fringe-right echoes the findings as confirmation of the correctness of their own solution to every problem, tax cuts for corporations and the wealthy paid for by [...]
‘They Bought It’: How RI Is Like Ferris Bueller Parents
If you are of a certain age “Ferris Bueller’s Day Off’ is an iconic movie. Reading about the fretting going on in the media about the latest edition of CNBC “Business Rankings” I can’t help but think about the movies’ opening sequence when Ferris’ parents, thoroughly convinced he is sick (once again) let him stay [...]
Legislature Wanted to Force Cities to Cut Taxes
June in Rhode Island means two things: ripe strawberries and gubernatorial vetos. The silly way our legislature schedules things — with all important bills held until after the budget passes to ensure every legislator falls into line on that vote — means that hundreds of bills are passed in the last few days of the [...]
Occupy Prov: Bail Out Workers, Not CEOs
Note: This was written by Paul Hubbard, Chris Murphy and Jared Paul. It reflects Occupy Providence’s position on the 38 Studios debacle. The die-in represents the destruction of jobs by trickle-down strategies not the workers who lost their jobs. CHANTING “MONEY for jobs and a decent wage, not for bailouts and 38,” 75 members and [...]
Budgeting for Disaster: Like What We’ve Got? Good
As has been amply reported by other writers here and in other places, the state budget has emerged from the mists of the Finance Committee, and will likely be voted on and passed this week. It contains no broad-based tax changes, though there are small increases in cigarette taxes, and small expansions of the sales [...]
Better Government, or Just Cheaper Government?
One of the great things about sophistry is that in any argument there is always enough dust around to throw in people’s eyes. Whatever the argument, the dirt at your feet is always at hand. One of the great things about intellectual honesty is that you don’t take positions without multiple sources of support. It [...]
President Obama and the Imaginary Spending Binge
Recently, I did something I shouldn’t have done, and I’d like to confess here. Someone I don’t know wrote me a nice note about some things I have written and some banking issues I’m working on (more on this someday). In the process of the note, he described himself as moderate Republican, “fiscally conservative and [...]
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