A Financial Plan for Rhode Islanders
I’d been meaning to note financial planner George Wright’s thoughts on demographic trends in Rhode Island:
Financial advisers are seeing a noticeable increase in affluent retirees moving out of the state, especially to Florida, which has no state income, inheritance or personal-property taxes, and is about three hours away on Southwest Airlines.
Here’s a plan: Sell your million-dollar house, buy two $400,000 houses, in Florida and Rhode Island, come north in the summer to see the grandkids and save $30,000 a year in taxes. Wait until the Baby Boomers hit!
For Rhode Islanders who pay the alternative minimum tax, one of the main triggers of that tax is the Rhode Island income tax. The mentality of our representatives is, and has been since the 1930s, regressive. This mentality will keep our beautiful state at the bottom of the economic ladder forever.
Come on, George, there’s got to be an “unless” at the end of it all. Here’s mine: Break the corruption that funding under threat of the taxman’s gun inevitably breeds, turn the lights on for those whom the pushers have hooked on handouts, and open the door for innovative and talented people with stars in their eyes and watch as Rhode Island fills its lungs and begins to sprint.