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Report warns lawmakers against raising estate tax exemption
PROVIDENCE – The Center on Budget and Policy Priorities on Wednesday released a report warning state lawmakers against raising the estate tax exemption, saying tax breaks on the wealthiest individuals would negatively impact state revenue and further perpetuate taxpayer inequality. Rhode Island state lawmakers last year raised the estate tax exemption from $921,655 to $1.5…
“You can’t get something for nothing,” wrote Elizabeth McNichol, author of the report. “States that have reduced or eliminated their estate taxes have less money for public investments, so they are seeing higher tuition at public colleges; cutbacks in teachers at K-12 schools; and deteriorating roads, bridges, water treatment facilities and other public infrastructure.”
Wow! Rhode Island among the top 10 taxed state must have amazing schools, infrastructure etc. Idiots.
If a redistribution of wealth really worked, we would have seen impressive results by now.
We need to focus more on teaching a man to fish instead of giving him a fish, which would ultimately feed more people.