“Everything is On the Table”
And not just because it’s Thanksgiving.
In light of Speaker Murphy’s comment in front of the Greater Providence Chamber of Commerce, a quick review of Rhode Island’s current standing in certain tax categories is in order. [Data courtesy the Tax Foundation.] > Business Tax Climate: 50th (worst)
> Cigarette Tax: 2nd highest nationally
> Corporate Income Taxes: 7th highest
> Property (local & state combined) Taxes: 5th highest
> Sales Tax: 2nd highest
Unless the Speaker intends to put forward only a token tax increase so as to provide political cover for implementing badly needed structural changes to the expenditure side of the budget, it is difficult to see any room for increase to this maxed out section of the budget.