TAX CLIMATE HIGHLIGHTS HARSH FISCAL REALITY OF KEEPING RHODE ISLAND COMPETITIVE

Date: November 19, 2015

TAX CLIMATE HIGHLIGHTS HARSH FISCAL REALITY OF KEEPING RHODE ISLAND COMPETITIVE

PROVIDENCE (November 19, 2015): According to the
National Federation of Independent Business (NFIB), the most recent 2016 Tax
Climate rankings should send a concise message to lawmakers in Rhode Island
that the time has come for dramatic policy changes in Providence in order to
empower small employers and get the state’s economy on the right track.

“The fact that we remain in the bottom ten of
this survey should be a final wakeup call to anyone trying to convince
taxpayers that our economy is moving forward fast enough to compete with most
other states.” According to Bill Vernon, NFIB Rhode Island state director,
“Rhode Island has ranked poorly for far too long for anyone to be able to say
with a straight face that what they are doing is working for the taxpayers and
small business owners in our state.”

Vernon is responding to this week’s release by
the Tax Foundation entitled the 2016 State Business Tax Climate Index.
This index ranks various elements of a state tax system. The report is based on
the premise that policies can either enhance or harm the competitiveness of a
state’s business environment and ranks all 50 states on both the individual
elements, and the overall climate.

“States with sound tax policies are not only
competitive at attracting new businesses but able to generate economic and
employment growth by allowing their small business to operate unencumbered by
costly taxes,” Vernon continued. “This report is a valuable resource for anyone
that is under the misguided impression that temporary tax incentives have the
same long term economic benefits as systematically reducing taxes.”

The Tax Foundation argues that if lawmakers are
playing “let’s make a deal” with business owners under the guise of job
creation and economic development, the state is actually offering such packages
to cover up a woeful business tax climate.

“It’s time for a new approach to improving our
economy by reducing taxes and increasing our competitiveness. Dramatic
proposals need to be made by lawmakers that will incentivize people and
businesses to grow the economy and finally spark an economic rebound from what
has been one of the slowest  recoveries in our lifetime,” Vernon concluded.

Subscribe For Free News And Tips

Enter your email to get FREE small business insights. Learn more

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

Or call us today
1-800-634-2669

© 2001 - 2024 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy