03/21/2008
The House Finance Committee has rescheduled a hearing on H-7950, legislation that would raise a myriad of new and higher taxes on small business owners, for March 26 at approximately 4:30 p.m. in Room 35 of the State House. Make you opposition heard by attending this hearing and contacting your legislator. It's time to say no more taxes! The bill includes the following:
- Sales tax on virtually all services, including landscaping, laundry, temp agencies, real estate services and so on except physicians and lawyers
- Reduction in sales tax from 7 percent to 4.5 percent over a number of years
- 2 percent gross revenue tax on lawyers and accountants
- Tax on clothing valued over $250
- Tax on the trade-in of motor vehicles
- Reinstate the capital gains tax back to 5 percent
- Tax non-resident S-Corporation owners at the corporate rate of 9 percent
- Repeal virtually all business tax credits
- Tax on the press and newspapers
- Increase the refundable earned income credit for low income
- Impose a cap on historic tax credits with eligibility requirements
- Sales tax on all fuels including home heating oil
- Precious metal bullion
- Increase state income tax 2.5 percent in 2008
- Decrease many other tax credits
- Tax on rental vehicles
Increasing taxes is not the way to go to correct a serious budget problem. This legislation will surely stop economic development and job creation and is just plain bad legislation! Taxing services has been an abysmal failure in other states and falls more heavily on small business.
Address your letter to The Honorable (representative's name), c/o Speaker of the House, 323 State House, Providence, RI 02903 and to the Honorable (senator's name) c/o Senate President's Office, 318 State House, Providence, RI 02903. Also please send NFIB/RI a copy of your letter to the address below. Find the representative and/or senator in your district.
