LIVE: Stenhouse Outlines How a Major Sales Tax Cut Would Spark RI's Economy

LIVE: Stenhouse Outlines How a Major Sales Tax Cut Would Spark RI's Economy

Mike Stenhouse tells GoLocal LIVE that a sales tax cut to 3.0%  would produce far more statewide and municipal economic benefit than would repeal of the car tax, as proposed by the Speaker of the House, or would free college tuition, as proposed by the Governor. 

Among the takeaways of the Stenhouse's RI Center for Freedom and Prosperity's analysis, which projected the impact of both the car tax and sales tax reform ideas, shows that a 3.0% sales tax would:

• Keep significantly more money in the pockets of Rhode Island families and businesses ($585 million vs $215 million)
• Produce thousands of new jobs, as opposed to potential job losses with car tax or tuition spending 
• Require lower budget cuts and/or corresponding tax increases than would car tax reform
• Create a major revenue windfall for municipalities that could go a long way toward funding local "self" phase-out of the car tax, where car tax repeal (depending on how it is paid for) could result in lower municipal revenues
• Would allow every Rhode Island family to save for any college education