Picard targeting tax breaks for young, elders

PROVIDENCE – Sen. Roger A. Picard, D-Woonsocket, has introduced legislation aimed at helping Rhode Islanders at “economically vulnerable stages of life” by providing state income tax breaks.
The bill would exempt from state income taxes the wages of working Rhode Islanders in the tax years through age 21 and all tax years after they turn 62. According to a statement, it would apply only to earned wages, not to pensions, investment income or other income.
Picard said he introduced the bill to assist the very young when they are struggling to get by on lower salaries, as well as retired people who find themselves returning to work to make ends meet on limited Social Security and pension income.
In his statement, Picard said that putting more money into the hands of populations that typically do not have much disposable income can result in more money that is spent locally, “so the change could have ripple effects that strengthen Rhode Island’s economy.” •

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