Any Way to Tax the Productive
A letter by Middletown Republican Town Committee Chairman Antone Viveiros in the Newport Daily News directs attention to H7563, submitted by Rep. Amy Rice (D., Portsmouth). The legislation would add the following language to Rhode Island tax law:
Opting out of the domestic production deduction. — All corporations doing business in the State of Rhode Island shall add back into their taxable income any amount deducted under the federal “domestic production deduction” also known as section 199 of the federal Internal Revenue Code. State tax forms shall be changed if needed in order to comply with this statute.
For the likes of Rice, it appears, ideology trumps economic wisdom. Even were it a principled correction to remove national tax reductions from the Rhode Island calculation, sucking money out of the productive segment of the state is plain lunacy in the current economy and in our current condition of civic deterioration. As Viveiros asks in closing:
Is this the way to create jobs?
Why won’t the General Assembly majority cut spending, as we have? Do they have to, to get reelected? I’ll leave those answers to you.