Let’s Remember: Half of Providence’s Annual Tax Take Is Owed to Pensions and Post-Retirement Benefits
GoLocalProv did some very good research last June.
Just over half of all taxes collected in Providence in 2010 were owed to pensions and benefits for all city retirees—sucking money away from basic services and adding to the property tax burden, according to new data obtained by GoLocalProv.
Now, local taxes do not comprise the entirety of the revenue funding Providence’s budget. Nevertheless, if half of all taxes collected are owed to a city’s past services, something is very wrong. No wonder Mayor Taveras has hit the panic button.