State Rep Proposes Bill to Reverse Bush Tax Cuts

State Rep Proposes Bill to Reverse Bush Tax Cuts

State Rep Larry Valencia has proposed a bill to effectively reverse the Bush tax cuts.

The proposed legislation would reverse the cuts for the upper 4 percent of Rhode Island families. The Bush cuts included a 4.1 percent income tax cut for married couples on income over $250,000, individuals on income over $200,000, a capital gains tax cut, and an estate tax cut.

"Regarding the structural deficit, I'm looking at cutting expenses first, but when we need revenue we need all segments of Rhode Island society to contribute, not just small businesses, the middle class, the elderly, or the poor," said Valencia, D-Richmond.

He added: "I recognize the effort Governor Chafee and his administration made in preparing their budget, but his sales tax proposal is very tough on small businesses, average families, and people on fixed incomes."

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