MEDIA RELEASE: Failure to Extend Trump Tax Cuts Could Plunge Ocean State Into Recession

Providence, RI – The Rhode Island Center for Freedom & Prosperity just participated in a virtual press conference, along with other regional and national think tanks, to call for an extension of the 2017 federal tax reforms that gave every American a tax cut.

“As if our state government’s economic assault on RI Families is not bad enough – policies that have led to ever-increasing local inflation, with some of the highest energy prices and property tax rates in all of America – and with government plans to increase these costs even more … as if that wasn’t enough … Rhode Island’s federal delegation – our two US Senators and two House Representatives – are continuing that assault by now threatening to impose higher income taxes on us all,” commented Mike Stenhouse, CEO for the Center.

As America enjoys the early stages of a small business hiring boom, Rhode Island suffers from economic indicators that are once again signaling trouble – an increased unemployment rate and weaknesses in our state’s manufacturing sector.

“Failure to renew the 2017 Trump tax cuts would lead to major tax increases for every Ocean State family and business – tax hikes our state cannot afford – tax hikes that could push our already floundering state over the cliff and into a local recession,” concluded Stenhouse.

Inflation alone has cost the average RI family almost $24,000 cumulatively, over the past 4 years. If these job-producing, budget-saving federal tax cuts are not extended … again, the average RI family will suffer a heavy burden – over $2300 in additional annual income taxes, while our state’s 27,000 businesses, employing about 350,000 people, will also pay thousands in new business taxes … all ultimately costing our state a loss of about 3000 jobs.

As produced by Americans For Prosperity, a detailed analysis of the positive benefits of the Trump tax cuts for Rhode Island can be found here: AFP-Rhode-Island-Facing-the-Fiscal-Cliff by Americans For Prosperity . Visit protectprosperity.org to see how much the TCJA has saved families in each state.

This regional call on Congress to prioritize permanent extension of the 2017 Tax Cuts and Jobs Act (TCJA) is supported by AFP’s “Protect Prosperity ” campaign, which demonstrates how extending the TCJA would allow families keep more of their hard-earned money, boost small businesses, and get our country back on the path to prosperity.

Also participating in the press conference were Greg Moore, Americans For Prosperity Regional Director; Ross Connolly, AFP Northeast Region Director; Dennis Hull, State Affairs Manager at Americans for Tax Reform; Drew Cline, President of the Josiah Bartlett Center for Public Policy (NH); Harris Van Pate, Policy Analyst at the Maine Policy Institute; Paul Craney, Executive Director of the Massachusetts Fiscal Alliance; and Andrew Fowler, Communications Specialist at Yankee Institute (CT).