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1 Joseph Henchman & Kail Padgitt, Rhode Island Officials Consider Income Tax Reform 1 (2010)

handle is hein.taxfoundation/ffcdcxz0001 and id is 1 raw text is: FISCAL FACT June 2, 2010 No. 232 Rhode Island Officials Consider Income Tax Reform By Joseph Henchman and Kail Padgitt Rhode Island officials are taking steps that may result in a tax reform effort with positive implications. The Challenge The Ocean State currently suffers from a 1 2.50%o unemployment rate, higher than every state except California, Nevada, and Michigan. The state is the tenth-hi~ghest in state-local tax burden, has the seventh-highest state-local property tax collections, and has the fifth-highest state-local debt per capita. The 9.9% top individual income tax rate is am _g.the h hhest in the country, as is the 9% corporate income tax rate, and the 7% sales tax is high as well. The cigarette tax is also the highest in the country. The state puts heavy reliance on the usual corporate giveaways through the tax code (job credits, research-and-development credits, investment credits, film credits, etc.). These programs are generally more about photo-ops and handouts to the politically connected than broad-based economic development. Our 2010 State Business Tax Climate Index ranked Rhode Island 44th in the country in favorable business tax climate, comparing unfavorably with its immediate neighbors: Table 1 Rhode Island and Its Neighbors' Business Tax Climate Ranks State 2010 Index Overall Rank Rhode Island 44 Connecticut 38 Massachusetts 36 Source: Tax Foundation 2010 State Business Tax Climate Index Joseph Henchman Is Tax Counsel and Director of State Projects at the Tax Foundation and Kail Padgitt Is Staff Economist. FOUNDATION

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