Sales Tax Repeal Hearing Wednesday to Feature National Experts
Monday, May 13, 2013
Wednesday's House Finance Committee hearing on Rep. Malik's sales tax repeal will feature a number of top economic experts.
The panel will be comprised of Scott Moody, the national economist who authored the original Zero.Zero Sales Tax report in 2012, which was the basis for the bill sponsored by Rep. Jan Mailik (D-67) as well as Paul Bachman, from the Beacon Hill Institute, which developed the STAMP modeling program that produced the job and revenue projections used in the Zero.Zero reports.
In addition, the Center's CEO, Mike Stenhouse; and the Center's research director, Justin Katz will testify on the "largest tax cut and economic stimulus plan the state of Rhode Island has ever considered."
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According to a release sent out by the Center, the updated 2013 Zero.Zero report showed that "as little as $105 million in budget savings could put the Ocean State on the path towards 25,000 new jobs and a re-invigorated economy, if the state were to repeal its onerous sales and meals tax. "
"This is the only game-changing reform idea out there for a state economy that desperately needs a game-changing idea", said Stenhouse. "This is a reform that would immediately save money for every family and business, and that would attract out-of-state shoppers to our state. Because of the regressive nature of the sales tax - and eliminating it would help low-income families most - we are seeing support from across the political spectrum. We invite all members of the public to attend the hearing and see how this plan can put Rhode Islanders back to work."
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