December 10, 2007
The New Tax Math -- Don't Add What Doesn't Make You Feel Good
Remember last week when I told you that there are some people who believe that "as long as there exists any metric showing Rhode Islanders not near the top in what they are required to pay to the government, taxes need to be raised"?
For some reason, the person in question decides not to count Rhode Island's property taxes in Rhode Island's tax burden, apparently unaware that a dollar in property tax costs a taxpayer just as much as a dollar in sales or income tax. Then he has the gall to say it's right-wingers who can't do math.
and dont forget sewer use fees , license fees, permits,etc
jerzyk lives in a fairly tale world soemwhere left of crowly and walsh
JPC,
Actually, the posting is from Pat Crowley. He's a regular contributor at RIF.
Posted by: Andrew at December 10, 2007 8:47 AMDid we expect anything more from "The Bird"?
And when can we start sending in our money for the ad featuring him?
Posted by: Greg at December 10, 2007 9:31 AMSo what you are saying is ...
Pat Crowley doesn't have his "finger" on this topic!
Actually, the Revenue Fact Book is a fascinating document. If you go to the statistics of income tables in the back, you find that there are about 12,000 filers -- about 2.5% of the total number of returns (which include single and joint returns) with AGI of $200k or more that generate more than 40% of personal income tax collections.
I thought it provided a nice contrast to Karen Malcolm's "American Dream" OpEd in the Projo.
The other interesting point is that the data in the 2007 factbook is from 2005. But the October 2007 Revenue Estimating Conference showed a sharp decline in income tax collections. So it may well be that either some of those 12,000 on whom the state's fiscal health so heavily depends have already left RI, and/or that their composition has changed, with relatively more living in RI but working in Massachusetts, Connecticut or New York, with them majority of their personal income tax payments going to those states (and RI collecting a sliver only to the extent that its marginal tax rate is higher).
The numbers tell a very interesting and worrisome story, but it is one that the Projo has thus far either chosen not to report or that its reporters simply have yet to grasp.
Posted by: John at December 10, 2007 11:14 AMI feel confident in the real "RI Future".
Either there will be massive cuts in state/municipal spending or taxes will be raised even more, resulting in more flight of capital and LESS tax money (just like the cigarette tax); which will end up causing even more drastic spending cuts.
Pity the progressives and their union hack allies (and yes Virginia this includes police and fire). They are facing a future of "heads you win, tails we lose".
The golden goose has been cooked and eaten.
Harvest Day is here. 21 days and counting.
Would this officially make Pat "bird"brained? ;)
Remember the most important rule of people looking to separate you from your money: Never let inconvenient facts get in the way of a good rant.
Posted by: Will at December 10, 2007 5:04 PM"the person in question decides not to count Rhode Island's property taxes in Rhode Island's tax burden, apparently unaware that a dollar in property tax costs a taxpayer just as much as a dollar in sales or income tax"
Not to mention that this is the main source of income of the union members that he represents. But if these taxes are not worth counting, they must not be worth paying.
Posted by: Monique at December 10, 2007 10:42 PM