Caprio: State Can Cut Unemployment in Half
Thursday, June 10, 2010
Sitting hundreds of feet away from where his grandfather arrived in the United States, Democrat Frank Caprio officially announced his run for governor yesterday, saying the American dream that drew immigrants to this country was still alive.
“I’m going to start my campaign for governor within walking distance of where the American dream started for so many Rhode Islanders and Americans,” Caprio said at an event held at the former State Pier No. 1 off Allens Avenue in Providence.
Asked what his platform was, Caprio had a two-word response: small businesses.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“We need to put the wind at the back of small businesses so that they have the confidence to add the new employees they need, and jobs for Rhode Islanders,” Caprio said. “If every small business in our state, on average, was able to create one new job we would cut our unemployment rate in half and go from one of the highest in the country to one of the lowest.”
Caprio unveiled a three-point plan that he said would turn government from being an adversary to an advocate for business:
■ Tax Credits: According to the Caprio campaign, $96 million in tax credits were dished out to companies in 2008, but only 5 percent went to small businesses. Caprio called for a $1,000 tax credit for any business that recruits another business to Rhode Island and $10,000 to both companies if they create 20 jobs.
■ Expand Small Business Loans: Caprio wants to expand the loan program for businesses to $50 million The fund is run through the Rhode Island Economic Development Corporation.
■ Health Care: Caprio wants the state to provide a tax credit for 20 to 40 percent of the employer contribution to health insurance for their workers for two years.
Asked how much his plan would cost, Caprio said it would save money.
Caprio said he had developed his plan after hearing from one thousand small businesses in more than 100 forums—yesterday he made his announcement at yet another such forum, flanked by about a dozen small business owners.
“I have been listening,” Caprio said. “I get it and I know we can bring change in this state if we want to bring it back. We can do it.”
