Rhode Island s Tax System in a National Context
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1 Rhode Island s Tax System in a National Context RIPEC - Smithfield, RI February 28, 2012 Joseph Henchman Vice President of Legal & State Projects Tax Foundation henchman@taxfoundation.org 1
2 About the Tax Foundation 74 years of objective research, data, and analysis Federal, state, and local tax issues Independent, non-profit, nonpartisan Economically principled approach to tax policy Simplicity, Neutrality, Transparency, Stability 2
3 Federal Fiscal Policy Changes Corporate Taxes Lower Rate and Eliminate Deductions & Credits? Overseas Taxation (Repatriation & Deferral) Individual Taxes Tax Cut Expiration Alternative Minimum Tax Estate Tax Supercommittee Deficit Reduction Presidential Candidate Proposals Programs (health care, UI, entitlements) 3
4 Federal Fiscal Policy Changes President Obama: Buffett rule, loopholes Supercommittee: Bust ATR No Tax Increase Pledge Tea Party (Taxed Enough Already?) & Occupy (the 99% and 1%?) Beneficiaries of Credits & Deductions Entitlement reform, stimulus, jobs Presidential Election 4
5 Corporate Taxes 5
6 Corporate Taxes 6
7 Tax Foundation Regular Studies State Corporate Rates in International Context OECD Overall Rank Country/State Federal Rate 2010 Top State/Provincial Corporate Tax Rate Source: OECD; Tax Foundation Data Combined Federal and State Rate (Adjusted)1 Iowa Pennsylvania Minnesota Illinois Alaska New Jersey Rhode Island Maine California Delaware West Virginia Indiana New Hampshire Vermont Massachusetts Maryland Oregon Wisconsin Nebraska Idaho New Mexico Connecticut New York Kansas Japan (2010 Rates) OECD Overall Rank Country/State Top State/Provincial Federal Rate 2010 Corporate Tax Rate Combined Federal and State Rate (Adjusted)1 Arizona North Carolina Montana United States Alabama Arkansas Tennessee Hawaii North Dakota Missouri Georgia Kentucky Oklahoma Virginia Florida Louisiana Mississippi South Carolina Utah *Michigan Colorado *Texas *Washington *Ohio Nevada South Dakota Wyoming France
8 Corporate Taxes 8
9 Corporate Taxes 9
10 Corporate Taxes 10
11 Corporate Taxes 11
12 Corporate Taxes: Effective Rates Does Anyone Pay the 35% Sticker Price? Media reports about General Electric, others Effective tax rate = taxes paid divided by profits McBride paper (Tax Foundation) Corporate ETR has averaged 26% since 1994 Largest source of reduction is foreign tax credit Varies by industry Dittmer paper (Tax Foundation) Survey of 13 studies finds U.S. effective tax rate is high by international standards 12
13 Corporate Taxes 13
14 Corporate Taxes 14
15 Corporate Taxes Consensus that rate is too high President Obama, State of the Union 2011: So tonight, I m asking Democrats and Republicans to simplify the system. Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years without adding to our deficit. Congressional Democrats: 30.5% Bowles-Simpson: Lower to 26% Camp plan: Lower to 25% Republican presidential candidates: reduce rate President s new plan: 28%, lower for manufacturing 15
16 Corporate Taxes Proposals Other than the Rate Loophole elimination Repatriation Holiday Territorial vs. Worldwide Targeted Incentives (Green industry) 16
17 Individual Taxes Tax Cuts ( Bush tax cuts ) Across-the-board rate reductions Reduce rates on capital gains & dividends Marriage penalty relief, doubled child tax credit, expanded EITC, adoption credit Elimination of PEP and Pease Reduced estate tax over time, eliminating completely in 2010 Everything would revert back to pre-2001 law on Jan. 1, 2011 unless extended 17
18 Individual Taxes Tax Relief Act of 2010 (Dec. 2010) Extends almost everything 2 years Democrats had sought to repeal rate reductions for high-earners, add higher rates, perhaps cap itemized deductions at 28% President has sought permanent AMT patch Estate tax expired for 2010, but is back for 2011 at 35% over $5 million, through 2012 Pre-2001 law is 55% over $1 million Will happen all over again at the end of 2012 unless resolved 18
19 Programs Health Care ( PPACA / ObamaCare ) Major provisions begin taking effect in 2014 Dems support, Reps and Inds generally oppose Constitutional challenge by states Unemployment Insurance Taxes States lowering UI taxes and not saving reserves in good times, raising taxes and borrowing in bad times Program taking on need-based characteristics, unmooring from original social insurance idea Reform options Entitlements, especially Medicaid:? 19
20 Individual Taxes How Federal Changes Affect the States Directly Many states tax federal calculations as starting point Federal deductibility Estate tax pick up (pre-2001, replaced with credit) Dynamically Changes behavior of taxpayers (e.g., capital gains tax change, higher tax rates) Grows or shrinks the economy, affecting state income and sales tax collections Dramatically VAT or national sales tax: would it be a minor change or would it destroy the states? 20
21 Tax Foundation Annual Studies Tax Freedom Day: National Tax Bill 2011: April days into the year 27.7% of income +3 days from 10 Tax Freedom Day inc. federal deficit: May 23 Each state has a Tax Freedom Day Rhode Island: April 13 Earliest: Mississippi (March 26) Latest: Connecticut (May 2) 21
22 Tax Foundation Annual Studies Tax Freedom Day 22
23 Tax Foundation Annual Studies State-Local Tax Burdens Percent of residents income paid in taxes Adjusts for tax exporting Does not account for value of government services or regulatory benefits/costs or tax collection efficiency U.S. Average (2009): 9.8% ($4,160) Highest: New Jersey: 12.2% ($6,751) Lowest: Alaska: 6.3% ($2,973) Rhode Island: 10.7% ($4,647) 5 th or 8 th highest 23
24 Tax Foundation Annual Studies State-Local Tax Burdens: Rhode Island 24
25 Tax Foundation Annual Studies State-Local Tax Burdens: RI Ranking 25
26 Tax Foundation Annual Studies State Business Tax Climate Index How states raise their taxes Ranking Roadmap 2012 Index (using July 1, 2011 snapshot): NY & NJ worst, South Dakota 1 st (best) Rhode Island: 46th Corporate: 40 th Individual: 36 th Sales: 24 th Unemployment Insurance: 50 th Property: 46 th 26
27 Tax Foundation Annual Studies State Business Tax Climate Index
28 Tax Foundation Regular Studies Sources of Revenue: Rhode Island 28
29 Tax Foundation Regular Studies Tax Collections State Individual Income Tax Collections Rhode Island: $864 (17 th ) State Collections per capita (2009) Rank (2009) U.S. $ New York $1,889 1 Connecticut $1,816 2 Massachusetts $1,614 3 Oregon $1,429 4 Minnesota $1,
30 Tax Foundation Regular Studies Combined State & Average Local Sales Tax Rhode Island: 7.00% (20th) State Rate Rank Tennessee 9.44% 1 California 9.08% 2 Arizona 9.01% 3 Louisiana 8.69% 4 Washington 8.61% 5 Select Cities: New York City 8.875% Los Angeles 9.75% Chicago 9.75% Source: U.S. Census Bureau; Tax Foundation; Sales Tax Clearinghouse 30
31 Tax Foundation Interactive Property Taxes on Owner-Occupied Housing State Tax as a Percent of Home Value (2009) Rank New Jersey 1.89% 1 New Hampshire 1.86% 2 Texas 1.81% 3 Wisconsin 1.76% 4 Nebraska 1.76% 5 U.S. Average 1.04% -- Rhode Island: 1.47% (10 th ) Visit interactive.taxfoundation.org for data by county Source: U.S. Census Bureau; Tax Foundation. Property taxes paid by renters, businesses, and others are excluded. 31
32 State-to- State Migration Data Visit interactive. taxfoundation. org for online tool Tax Foundation Interactive 32
33 Location Matters Tax Foundation economists designed seven model firms Corporate headquarters Research and Development facility Retail Call Center Distribution Center Capital-Intensive Manufacturer Labor-Intensive Manufacturer KPMG accountants calculated the tax bill for each firm in all fifty states Corporate income tax, UI tax, sales tax, property tax, GRT Calculated both for new firm (incentives) and mature firm 33
34 Forthcoming Study Call Center Mature: 49th best New: 48th best Corporate Headquarters Mature: 41st best New: 37th best R&D Facility Mature: 33rd best New: 47th best 34
35 Forthcoming Study Retail Mature: 46th best New: 47th best Distribution Center Mature: 45th best New: 46th best 35
36 Forthcoming Study Labor-Intensive Manufacturing Mature: 46th best New: 38th best Capital-Intensive Manufacturing Mature: 33rd best New: 12th best 36
37 Tax Foundation Annual Studies Facts & Figures Rates, collections data, and rankings for each state and each type of tax 37
38 Specific Tax Policy Research Areas Sales Taxes Broad Bases/Low Rates/Inputs VAT/FairTax/SSTP Sales Tax Holidays Grocery & Clothing Exemptions Use Taxes Amazon Taxes/Nexus Issues Gross Receipts Taxes Local Option Sales Taxes Excise Taxes History & Purpose/ Pigouvian Taxation Cigarette Alcohol Gasoline/Tolls/Charges/Car Obesity/Soda/Sugar/Salt Plastic Bags/Bottled Water Business Taxes Incidence of Corporate Taxation Corporate Form/Pass-Thru Depreciation Loopholes Incentives: R&D, Job Creation, Investment, Film Franchise Taxes Inventory/Capital Stock Taxes Severance Taxes Amnesties High Federal Rate Property & Wealth Taxes Assessments & Limitations Commercial vs. Residential Personal Property/Transfer TIFs and PILOTs Estate/Inheritance/Gift Income Taxes Structure/Justifications Brackets/Progressivity Credits/Deductions/Exclusions Capital Gains Jock Taxes/Nonresident Taxes Local Income Taxes Miscellaneous Tourist Taxes (Hotel, Meals, Car Rental) Cell Phone/Telecom Unemployment Insurance User Fees/State Enterprises Lotteries/Gambling Redistribution Issues Taxes vs. Fees Taxpayer Protections Constitutional Powers & Rights 38
39 Rhode Island s Tax System in a National Context RIPEC - Smithfield, RI February 28, 2012 Joseph Henchman Vice President of Legal & State Projects Tax Foundation henchman@taxfoundation.org 39
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