Rhode Island Tax Revenues Up by 11.2% vs. 2009
PROVIDENCE, R.I. — "Rhode Island tax revenues are up after a lengthy period of decline, a sign that the state’s economy may at long last be rebounding.
A state Department of Revenue report issued Thursday shows that, for the two months ended Aug. 31, state tax revenues totaled $358 million, up 11.2 percent compared with the same period a year ago. There were increases in withholding tax, sales tax, general business taxes and other categories."
MP: Rhode Island is now the 12th state to report increases in tax revenues in August, see the full list here, as a result of improving economic activity.
3 Comments:
sale taxes were only up 3.5%.
most of this is payroll. rhode island had some of the worst unemployment in the country and is still at 11.9% for july.
(up significantly from june)
q2 was the trough comparison for the recession. they all get harder from here.
As goes Rhode Island, so goes the nation.
R.I. tax revenues are up but tax rates were recently lowered to make for a more favorable business climate. Hmmm.
On June 9,2010 the governor of R.I. signed a tax reform bill.
" The legislation reduced individual tax brackets from five to three and increases the standard deduction. The top rate goes from almost 10% to almost 6%. The goal seems to be simplification and making the state more attractive for business" This is from the blog 21st Century Taxation.
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