FOR IMMEDIATE RELEASE: November 2, 2017
Ocean Staters, Families, and Businesses To Benefit
Promise of Tax Cuts and Opportunities for Bigger Paychecks Superior to State’s Current Corporate Welfare Strategy
Providence, RI – The Rhode Island Center for Freedom & Prosperity praises the tax reform plan released today by the US House of Representatives as one that will benefit Rhode Islanders in multiple ways.
With every Ocean Stater to receive a tax cut – about $1200 for middle-income families and more for those with higher earnings – and with businesses to be similarly less burdened so that they can grow and produce more and better paying jobs … Rhode Islander and their families should benefit in two ways. First, by keeping more of their current paychecks in their own pockets. Second, via future increased wages and better job opportunities as the tax cuts stimulate economic growth.
“Our state’s partisan political class will no doubt trot out their standard, mindless, and divisive class warfare mantras, but having attended two national seminars to learn details of the President’s tax reform plan, I can assure the people of Rhode Island that this sweeping reform plan is indeed designed to mostly benefit the middle-class,” commented Mike Stenhouse, CEO for the Center. “It is disappointing that our state’s political leaders would choose to deny Rhode Islanders the chance to keep and make more money just because they are hung-up on an anti-jobs, tax-the-rich platform.”
The Center has regularly maintained that if more Rhode Islanders are to have more opportunities to work in better-paying jobs, then more and better businesses must be free to grow when more disposable personal and corporate income becomes available to re-invest in business enterprises.
The White House announcement today – that semi-conductor giant, Broadcom, will be investing tens of billion of dollars in research and manufacturing in the United States, creating tens of thousands of new high-paying jobs, because of the improved business climate as a result of the proposed federal tax reforms – is proof of what can happen in Rhode Island and all states.
“This free-market approach to economic development benefits far more people and creates far more growth than our state’s existing crony-socialism approach,” concluded Stenhouse.
Despite these positive aspects of the proposed national tax reforms, the Center is concerned that federal budget spending may not see deep enough cuts to pay for the individual and corporate tax cuts.