Lower taxes, boost the economy
To the Editor:
To increase job opportunities for low income and middle income residents, I would reduce Rhode Island’s sales tax rate to 3 percent on all taxable items and services rendered and that food, clothing and boats be included in the list of taxable items. One low, broad based sales tax rate will save every business time and money. A low income family would save $200 on the purchase of a $5,000 used car, get food stamps, receive free clothing and save 4 percent on all other purchases. An upper income family would save $1,600 on the purchase of a new SUV. Business activity would greatly increase.
Next, Rhode Island should increase funding for education to a point where local communities can reduce their property taxes by 15 percent. Instead of spending large amounts of tax dollars giving tax breaks, grants in aid and low interest guaranteed loans to a few lucky companies, it would be more productive for R.I. to spend an extra $200 million each year on education and lower the property taxes for every R.I. business and for every R.I. homeowner by 15 percent.
Lastly, I would lower corporate taxes, capital gains taxes and state income taxes by 15 percent. Many Rhode Island businesses would expand and many businesses would relocate in R.I. to take advantage of the low taxes. Many people would move to R.I. to take advantage of the new good paying jobs that would be created.