To fix Providence’s pension fund, Mike Riley proposes a solution that might surprise some folks:
People dont Realize that Providence debt burden is the 3rd worst in the country. Raimondo and Elorza plan to pass this to State taxpayers. I say NO WAY !!@!!
This is Providence mess to clean up. They should impose a wealth tax to cut this number in half. Don’t tax us. Tax your own wealthy citizens who have elected Elorza and let him kick the can. Those wealthy people are dying soon so I would start imposing the wealth tax ASAP.
In addition the City should impose a real Estate Transfer tax of 50% on any Property over $3 million dollars that changes hands in the next 3 years or until the Pension Shortfall is < $500 million. These taxes , both the Wealth tax and the transfer tax, would be deposited directly into Providence Police and Fire pension plans.
One suspects the “tax the rich” approach is offered, here, mainly for educational purposes. Riley’s drastic proposal is made in response to an F for Providence’s finances from Truth in Accounting. Those who’ve watched Rhode Island finances will find a catch in that linked document: namely, that just about every Rhode Island municipality faces similarly dire straits.