RI Ranked as One of Country's Worst for 2013 Business Tax Climate
According to a report published this week, Rhode Island has one of the worst tax climates for business in the country.
According to a report published on Tuesday by the Tax Foundation, a non-profit, non-partisan tax research organization based in Washington, D.C., Rhode Island ranks as one of the least business friendly states in the country.
Specifically, Rhode Island placed 46 out of 50, beating only Vermont, California, New Jersey and New York, which was ranked as the worst business friendly state in the country.
"Even in our global economy, a state’s strongest and most immediate competition often comes from other states,” said Tax Foundation economist Scott Drenkard. “State lawmakers need to be aware of how their states’ business climates match up to their immediate neighbors and to other states in their region.”
Rhode Island maintains a nine percent flat corporate tax rate, which the foundation claims is the sixth highest nationally.
For personal income taxes, Rhode Island scores even worse. The personal income tax top rate of 5.99 percent is the third highest nationally, according to the organization.
To put it in perspective, last year Rhode Island taxpayers worked until April 15 to pay their total tax bill.
Some say it’s a tough call: Should local lawmakers lower corporate tax rates to encourage new businesses and jobs? Or do you think we should encourage and promote companies in other ways so we can collect the tax revenue to support services?
Jim L
8:32 am on Thursday, October 11, 2012
First STOP THE TOLLS, job killin money siphoning poorly thought out idea, Another question? They (who are they)(the DOT?) say that all toll money will be used for 4 major bridges and the rest will be spant repairing Newport County roads and highways( Our gas taxes don't do this I guess) So now the Bridge Turnpike guys are going to repaved roads? remove sand? clean up after accidents? fix catch basins? plow snow?Since they don't have the equipment to do all this what will they do? Do you think they will just siphon their cut off the top and then hire the DOT to preform the duties they just gave up? I mean how does this work, if the Toll go to Them who pays the DOT/ Do we then pay gas tax/ TOLLs and then the DOT and income and sales tax?Am i crazy, is this realy taking place? HELP someone explain it to me!!! PLEASE!! NO TOLLS
Michael G Riley
11:10 am on Thursday, October 11, 2012
http://www.mikerileyforcongress.com/
it doesnt have to be this way
William F Horan
12:21 pm on Thursday, October 11, 2012
Yes, incompetence, malfeasance and fraud but most of all a population conditioned to accept and support less than acceptable second rate outcomes.
Yes, eroding the underpinning and fabric of our society, its institutions and education of our children. We must replace the RI General Assembly (as all reform and correction must start locally bottoms up). The RI Congressional delegation to Washington, DC. Yes, Sheldon Whitehouse, David Cicilline & Jim Langevlin must be replaced now & to be followed by Jack Reed next time. Clearly their supporting a system of theft and handouts for doing nothing has not worked. Rather it just makes people dependent and unproductive destroying the ability to create wealth and add value. Yes, both corrupted national political parties have soiled our legacy constitution and bill of rights & the rule of law. The money has once again gone bad. Having been turned into a debt based fiat currency of misery, the bought and paid for social mandatory safety net has been embezzled. Now freedom & liberty are in great danger. Yes, a defective national agenda and a bloated government in overreach attempting to seize citizens wealth & private property in violation of the constitution and rule of law. The vote in November can become the start of a very long journey of halting and repairing the damage to our country and its citizens constitution.
John M
12:38 pm on Thursday, October 11, 2012
Who would want to open a business in RI where the tax rates are among the
highest in the nation and where politics are so corrupt and dis honest and where we have a Governor who is confused about politics and policys and where toll bridges
are everywhere,instead of ocean state on our car plates how about TOLL STATE:
Good Year
1:18 pm on Thursday, October 11, 2012
Don't forget about the out of control property taxes. The democrat General Assembly has done so much damage to this state. It begs the question "Why do we keep electing these people?"
Jim L
1:21 pm on Thursday, October 11, 2012
It is up to US, the citizens of Newport county and other Citizens upstate to Stop these tolls, When we first started this petition I went to the Newport Chamber of Commerce on Valley Rd. No thanks , I was told and then a staement was made about setting or fixing a rate for the Navy! Right then and there is proof of just how bad this idea is, What happens if the Navy just stops giving out contracts on this island? What gives when Nusc and the War College just slowly move new and old work away? Has Anyone heard one word from the federal Goverment about this? NO It's not their problem, it's a state goverment problem. It becomes the Navy and Defence problem if tolls are passed, Thats why this has be stopped by US, How do we get the folks that voted for this to now vote against it why would they change their minds