Based on an updated 2014 version of the Center’s RI-STAMP economic modeling tool, new jobs and revenue projections are projected for a proposed across-the-board cut to the state sales tax to 3%, from its current 7% level.
The 2014 projections, based on updated Rhode Island data, show very similar results to the 2013 projections: over 13,000 jobs and over $450 million in new state revenues. plus over $100 million in new municipal revenues are projected to be created from the massive dynamic economic impact that would result; leaving the state with less than $50 million in budget savings to be identified.
The 2014 projections also include:
- Multi-year projections for the 3% scenario
- Near-term jobs and revenue projections for modified 1% sales tax scenario (proposed by 3rd party and also under consideration in 2014)
To see the complete 3% sales tax solution, go to our Sales Tax home page at RIFreedom.org/SalesTax .