This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

RI Gov Calls For Lower Biz Taxes In State-of-state

Chafee said it's essential to use the state's slowly improving finances to boost spending on schools, workforce development and roads and bridges â¿¿ all investments that he said would pay off in the long-term and reverse an economic decline that saw Rhode Island become one of only two states to lose population from July 2011 to July 2012.

In addition to the $30 million in new public education funding, Chafee proposes $8 million in additional higher education spending to avoid tuition hikes at state universities.

Chafee also proposes spending $3 million on a workforce training program that would reimburse businesses who offer internships. He also wants to use $3 million in federal funds to offset the cost of child care for struggling parents.

Laurie White, president of the Providence Area Chamber of Commerce, said Chafee's proposals to invest more in workforce training and higher education are promising and said the reduction of the corporate income tax will please many business owners. That's a contrast to previous years, when many business leaders angrily protested Chafee's failed proposals for expanded sales taxes.

"We wanted to see a plan for economic growth," she said of Chafee's budget recommendation. "So we certainly like the idea at first blush."

The proposed spending plan would not reverse many of the steep cuts approved by lawmakers in leaner years, including a $15 million reduction in funds for the developmentally disabled.

Linda Teoli's 54-year-old brother Jeff has a developmental disability and has fewer services available to him following the cuts. She criticized Chafee for not restoring the funds.

"These cuts were devastating," she said. "They're not doing enough to help these people."

In his third state-of-the-state address, Chafee restated his support for gay marriage legislation, expected to get a vote in the House this month.

He also touched on the debacle surrounding the state's $75 million loan guarantee to former Red Sox pitcher Curt Schilling's video game company 38 Studios, which has filed for bankruptcy. Chafee opposed the investment as a candidate and said it's an example of the kind of poor leadership Rhode Island can no longer afford.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs