Rhode Island is a predominately Democratic state that generally embraces the platform of that party. Since the nations economy is the most pressing problem today in America. I think it's interesting to note two of this states distinctions. They have both the highest business tax and highest unemployment rate in the country. What does that tell you?Rhode Islands Business Tax structure:
• Only one state has an income-tax rate on the books that's higher than Rhode Island's 9.9 percent top rate: California's "millionaire's tax" of 10.3 percent.
• In corporate taxation, only eight states have a higher rate than Rhode Island's 9 percent.
• In unemployment-insurance taxes, the federal government sets permissible minimums and maximums, and Rhode Island levies the highest allowed.
• In property taxes, Rhode Island's collections are sixth highest per capita and fifth highest as a percentage of income. Plus there's the dreaded capital-stock tax, a punitive tax on business property that 27 states do without entirely.
• The state sales-tax rate of 7 percent is tied for highest nationwide.
51 RHODE ISLAND 8.8
In some of these States it's not only there sales tax is high but they also have a state income tax.
ReplyDeleteSure TN has a high sales tax but 0 income tax. Take a look at California, they have a high sales tax as well as high income tax.
Some of these staes tax you to death but some of the people living in these states will have a rude awakening if Obama gets in office. Almost half there income goes to the state or the Feds, something to look forward to.
The GOP governor is talking about elimating the state income tax, but it only appears to be talk. He still wouldn't be able to cut through the problem because the sales tax revenue in R.I. is way down.
ReplyDeleteHe should lower business taxes, make the graduated state income tax into a flax income tax, and lower the sales tax.
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