Block Calls Out Raimondo For Failing To Support 2010 Tax Reform
GoLocalProv Politics Team
Block Calls Out Raimondo For Failing To Support 2010 Tax Reform
Raimondo failed to provide a “yes” or “no” answer in response to a question on the issue from the Providence Chamber of Commerce.
“In the past, Gina Raimondo was happy to position herself as a different kind of Democrat, but in failing to answer this basic tax policy question, she has established herself as a typical tax and spend Democrat,” said Block. “Unfortunately, Gina Raimondo seems to be another ‘say one thing and do another’ political insider, running campaign ads touting her ability to create jobs but afraid to stand up for a tax reform that helped taxpayers and will make our state more competitive going forward.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe Chamber gave all statewide candidates running for office the chance to answer 10 questions of importance to the business community.
Tax reform
The tax reform question read, “Will you oppose any effort to undo the state’s 2010 personal income tax reform effort which eliminated credits and deductions in exchange for lowering the marginal rate from 9.9 percent to 5.99 percent?”
Block answered yes and went on to state that “predictable, stable and competitive tax policy is a crucial element to rebuilding Rhode Island’s battered economy. I am dedicated to improving Rhode Island’s overall economic climate and personal income taxes are an important factor.”
Raimondo failed to provide a yes or no answer and simply stated, “As I did with pension reform, I will review tax policy to ensure Rhode Island is competitive across the board, and has a competitive cost of business.”
“As a candidate for Governor, Gina Raimondo should know enough about tax policy to be able to provide a straight yes or no answer to such a basic question,” said Block. “People need a straight answer on this issue, not some bit of consultant-speak crafted to say nothing and offend no one.”
Block concluded, “I call on the Raimondo campaign to immediately answer the question and let Rhode Islanders know where she stands in terms of being willing to reverse course on this reform and raise our personal income taxes.”
10 Questions Gina Raimondo Has to Answer When Running for Governor
10. Money
Can she explain the amount of out of state money?
Most of the candidates for Governor need to answer the question, can they raise enough to be competitive? That is not a problem for Raimondo. She has proven to be the most skilled fundraiser, but her issue is justifying that the vast majority of the money is coming from out-of-state.
Raimondo will face a number of questions regarding who is really behind her campaign - the amount of out-of-state dollars is just one of the questions.
9. Pension Reform
Did she only reform certain pensions?
Raimondo rose to celebrity status because of her leadership on pension reform. Her efforts helped to stabilize the pension system, but the reform was hardly democratic.
Teachers took the vast majority of the hit, while major groups of pensioners escaped reform including the judges, state police and disability pensioners. Raimondo has some explaining to do.
8. Lack of Transparency
If she lacks transparency as Treasurer, what will it be like as Governor?
From her deepest critics to the media and even members of the retirement board, many have questioned her and her office's willingness to share information and provide the public insights into her management of the investment commission and the performance of the fund under her leadership.
Data which historically was easily accessed by the public and media is now locked behind the Raimondo wall. Often this raises serious questions and forces the media to seek the simplest information via FOIA requests.
7. Wall Street
Why is Wall Street spending so much money supporting Raimondo?
Raimondo is the queen of fundraising and so much of it derives from the major players on Wall Street.
6. Performance
Has Raimondo managed the pension fund competently?
The most important job of the General Treasurer might be the management of the state's retirement fund. The blockbuster investigative piece by Stephen Beale unveiled that the pension system under Raimondo lost $200 million.
While she may be able to blitz the airwaves with positive messages about her bio and her leadership in pension reform, her Democratic primary competitors and/or her GOP opponent in the General Election may be able to destroy her credibility by playing up her "mismanagement of the pension system."
5. Hedge Funds
Will Raimondo pay the price for shifting so much of the assets into Hedge Funds?
For the past six months, Raimondo has been under constant critique for shifting more than 20% of the State's retirement dollars into unregulated Hedge Funds. The critics has included forensic auditor/Forbes contributor Ted Siedle, Rolling Stones magazine's star reporter Matt Taibbi, former General Treasurer and candidate again, Frank Caprio, as well as many of the public unions. The combination of where she gets her campaign dollars, coupled with the shift in investment strategy and the under performance of the fund may all build into a snowball effect.
4. Connect to RIers
Educated at Yale and Harvard, a Rhode Scholar and a millionaire, can she connect to the average RIer?
Raimondo is a born and bred Rhode Islander, but for her adult life she has been educated at the best colleges in the world and living a professional life aligned with many of America's super rich associated with Wall Street. In her announcement she mentioned a number of times she was a mother, but did not mention that her husband is a partner at Mckinsey - and according to Forbes magazine probably takes home $2 million or so per year.
Raimondo talks a lot about her father losing his job when she was a child, but she has come a long way since then. She could come across as the ultimate RI success story or be perceived as an out of touch venture capitalist.
3. Siedle and Taibbi
Neither Ted Siedle or Matt Taibbi are going away - can she deflect their questions and charges?
In the past two months, both forensic auditor/Forbes columnist Ted Siedle and Rolling Stone's star reporter Matt Taibbi have raised serious issues about Raimondo's motivation and judgment.
As Taibbi wrote, "The dynamic young Rhodes scholar was allowing her state to be used as a test case for the rest of the country, at the behest of powerful out-of-state financiers with dreams of pushing pension reform down the throats of taxpayers and public workers from coast to coast."
Read more: http://www.rollingstone.com/politics/news/looting-the-pension-funds-20130926#ixzz2o2bLhqKW
2. Is she a Democrat?
Will Taveras and Pell paint her to be too conservative?
Raimondo is simply hated by the teachers unions and others - big blocks of voters in the Democratic primary. Both Clay Pell and Providence Mayor Angel Taveras will tack to the left and may compete for the same voters allowing her to sneak through to the general. However, progressives and unions may decide to pick Pell over Taveras (who is struggling to raise money and whose track record in Providence may come under fire) and then Pell can take the left leaning primary.
1. SEC Investigation
Can Raimondo survive an SEC investigation?
Both Siedle and a state senator have written to the SEC calling for an investigation into the investment practices of Raimondo. A federal investigation would be at a minimum a black eye to the General Treasurer and an enforcement action might end a credible campaign. Timing may prove to be everything.
