State Rep Proposes Bill to Reverse Bush Tax Cuts
Thursday, May 05, 2011
State Rep Larry Valencia has proposed a bill to effectively reverse the Bush tax cuts.
The proposed legislation would reverse the cuts for the upper 4 percent of Rhode Island families. The Bush cuts included a 4.1 percent income tax cut for married couples on income over $250,000, individuals on income over $200,000, a capital gains tax cut, and an estate tax cut.
"Regarding the structural deficit, I'm looking at cutting expenses first, but when we need revenue we need all segments of Rhode Island society to contribute, not just small businesses, the middle class, the elderly, or the poor," said Valencia, D-Richmond.
He added: "I recognize the effort Governor Chafee and his administration made in preparing their budget, but his sales tax proposal is very tough on small businesses, average families, and people on fixed incomes."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
If you valued this article, please LIKE GoLocalProv.com on Facebook by clicking HERE.
Related Articles
- Business Groups Say Chafee Taxes a Job-Killer
- Chafee’s Budget: $176 Million in Tax Increases
- Chafee Tax Critics Don’t Have Realistic Alternatives
- BREAKING NEWS: Newspapers Lead Uprising Against Chafee Tax Plan
- Chafee Defends Obama on Tax Cuts
- BREAKING NEWS: State Approves $1.6M Tax Break for Hasbro
- EXCLUSIVE: New Law On Taxes – Who Wins?
- BREAKING NEWS: Taveras Proposes Tax Increases
- Extending the Bush Tax Cuts: How Much Would You Get?
- BREAKING NEWS: Vast Majority of RI Opposes Some Chafee Taxes
- Bill to Prevent Lost Revenue from Tax Credits
