Friday, September 10, 2010

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:

At 9/10/2010 9:56 AM, Blogger morganovich said...

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.

 
At 9/10/2010 10:41 AM, Blogger Benjamin said...

As goes Rhode Island, so goes the nation.

 
At 9/10/2010 10:50 AM, Blogger Buddy R Pacifico said...

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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