Tax increases are “completely unnecessary” with new revenue forecast and would have a “chilling effect” on Rhode Island’s recovery from the COVID-19 pandemic

A coalition of more than twenty business organizations, including ten Chambers of Commerce, today released letters sent to the members of the House and Senate Finance Committees, voicing strong opposition to two income tax hikes proposed by members of the General Assembly. These letters follow testimony from dozens of Rhode Islanders who spoke in opposition to the tax increases last week in House and Senate Finance Committee hearings.
 
“With this week’s revenue forecast more than $300 million higher than expected, these tax hikes are completely unnecessary,” said Laurie White, President of the Greater Providence Chamber of Commerce. “We need to focus on building our economy up, getting our workforce back to work and making Rhode Island a desirable place to move or start a business. These tax hikes would have a chilling effect on our recovery and hurt our ability to compete.”
 
“As a small business owner, I cannot emphasize how raising taxes now or in the future on already vulnerable small businesses and their owners is absolutely the wrong approach,” said Michael Mancuso, owner of Cartridge World RI and Office Recycling Solutions and Chair of the Rhode Island Chamber Coalition. “These tax hikes are aimed at small business owners and will put jobs at risk and threaten to undo the hard-fought gains we’ve made as we struggle to stay afloat.”
 
“Now is not the time to add an additional tax burden to Rhode Island business and individuals,” said John Simmons, President of the Rhode Island Business Coalition. “This tax hike is not needed as the state revenue projections have increased by nearly $342 million over two years and these estimates are of current law and do not include the proposed new taxes.”
 
The letters to the House and Senate Finance Committees (attached) are signed by the following organizations:

American Council of Engineering
Associated Builders and Contractors of Rhode Island
Central RI Chamber of Commerce
East Bay Chamber of Commerce
East Greenwich Chamber of Commerce
East Providence Chamber of Commerce
Greater Newport Chamber of Commerce
Greater Providence Chamber of Commerce
Narragansett Chamber of Commerce
National Federation of Independent Business
Northern RI Chamber of Commerce
North Kingstown Chamber of Commerce
Partnership for Rhode Island (corporate members)
Rhode Island Builders Association
Rhode Island Business Group on Health
Rhode Island Hospitality Association
Rhode Island Lumber and Building Materials Dealers Association
Rhode Island Manufacturers Association
Rhode Island Partnership for Home Care
Rhode Island Public Expenditure Council
Rhode Island Society of Certified Public Accountants
Rhode Island Staffing Association
Southern Rhode Island Chamber of Commerce