Loughlin Says Tax Cuts, Not Stimulus Spending, Will Help Economy
Saturday, July 31, 2010
Republican Congressional candidate John Loughlin is calling for more tax cuts, saying Rhode Island’s sales tax exemption on boats proves that tax breaks are good for the economy.
“Rhode Island’s marine industry is a shining example of what happens when government cuts taxes,” Loughlin said at a press conference held near the Newport Shipyard yesterday. “In 1993 Governor Bruce Sundlun responded to the needs of a flagging industry and eliminated sales tax on boats. Some 17 years later, this industry is one of the only bright spots in Rhode Island’s economy.”
Loughlin, who is running for the First District seat, credited the sales tax exemption with helping its boat industry grow. Plus, he said it drew marine traders to the state that stay in local hotels, spend money at restaurants, and reinvest in the industry by supporting job training programs—like the one at the International Yacht Restoration School.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“This is not the time for Washington to raise taxes by letting existing tax cuts expire. We need to grow the economy and this is tried and true way to accomplish that. Stimulus packages don’t work,” Loughlin said. “When the money is gone, so are the jobs. Let’s use this example and let Rhode Island show the country how it’s done so we can people back to work.”
Related Articles
- Loughlin Defends Arizona Immigration Law
- Loughlin Goes to War with Cicilline Over Afghanistan
- Loughlin Says State Should Pay Interest on Late Tax Refunds