Governor Signs ‘Historic’ Tax Cut
Thursday, June 10, 2010
The new law also increases the standard deduction for single adults and married couples and cut the number of income tax brackets from five to three.
“Today, Rhode Island has a new and compelling story to tell. While many other states have increased taxes to make up for revenue shortfalls, we have rejected that approach,” Carcieri said. “Seizing the opportunity to stand out from the rest, we are reducing our tax rates and sending a clear message to our citizens, businesses, and neighbors that we are serious about improving our tax competitiveness.”
State lawmakers also applauded the tax cut.
“This significant tax reform legislation sends a loud and clear message to all other states that Rhode Island is aggressively seeking to attract business, create new job opportunities and ensure that our economy is moving in a positive direction,” said House Speaker Gordon Fox.
“It is equitable, with the vast majority of Rhode Islanders paying the same or less in income taxes,” added Senate President M. Teresa Paiva-Weed. “And it maintains the progressive income tax structure, while making the state more attractive to businesses that need to attract top talent and high wage earners.”
Enjoy this post? Share it with others.
Commenting is not available in this channel entry.
Follow us on Facebook Twitter See It Read It Share It