https://oceanstatecurrent.com/wp-content/uploads/2014/08/mike-stenhouse-avatar.jpg 100 810 Mike Stenhouse https://oceanstatecurrent.com/wp-content/uploads/2021/10/logo_white_300x56.png Mike Stenhouse2017-04-30 20:47:362021-11-08 12:05:57Boom! Wine & Spirits Sales Increased 21.4% After Sales Tax Cut
Boom! Wine & Spirits Sales Increased 21.4% After Sales Tax Cut
Imagine the parking lots of Rhode Island retailers filled with cars with Massachusetts license plates. New research from the Center, based on government data, shows that it is very possible. In the two years following the removal of sales tax on wine and spirits, the same level of economic stimulus, as projected by the Center by cutting the state’s overall sales tax, actually occurred! Now, there can be no doubt of our findings. The new research one-pager proves that Rhode Island would experience an ECONOMIC BOOM under a 3.0% sales tax.
Not only would sales tax reform keep more money in the pockets of every Rhode Island family, it would reduce costs for every Rhode Island business. It would spur increased consumerism by both in-state and out-of-state shoppers. Most importantly, it would create thousands of good, new job opportunities. As opposed to the anti-business, job-killing legislation being advanced by the progressive-left, our Center’s pro-jobs, pro-family sales tax reform plan would keep more money in the pockets of businesses and families. A 3.0% sales tax would create new opportunities for Rhode Islanders to improve their quality of life.
A 3.0% Sales Tax is the most beneficial reform in terms of jobs, economic stimulus, business climate, and budget value… regardless of whether a revenue-neutral approach is adopted or not. Among our new report’s findings, in the years after the 7% retail sales tax on wine and spirits was repealed (to 0.0%) in 2013, wine and spirits sales saw a boost of 21.4% over the first two years (during the same time period, all statewide retail sales increased by just 8.3%). The Center’s economic modeling tool projected a comparable 21.2% positive statewide retail impact if the sales tax were to be cut to 3.0%.
People want restored hope that government is working for them, and to feel that they have not been forgotten. To accomplish this, a bold reform idea is clearly required. Only free market solutions, like a 3.0% sales tax, will transform our state into a place where families can achieve their hopes and dreams. Rhode Islanders want a state government that works for everyone not just the chosen few. The rigged system has kept the people out of the process. This is too important to be on the sidelines.