Democratic candidate for Gov. Helena Foulkes PHOTO: CampaignHelena Foulkes is calling on Governor Dan McKee to use a portion of the state's budget surplus to give a one-time $500 tax cut to anyone earning less than $100,000.
“Our state is seeing an unprecedented surplus, but Rhode Islanders’ budgets are tighter than ever,” said Helena Foulkes. “Everyday I talk to hardworking Rhode Islanders who feel like they’re being priced out of our state, and inflation has only made their lives more difficult. As governor, I will work to lower the cost of living in our state, but we also need to give families relief–now.”
In the press release, Foulkes said inflation was at a “record level.” That is not true. In the period of time since the introduction of the CPI, the highest inflation rate observed was 19.66% in 1917. More recently, in 1979, inflation reached 13.3% and in 1980 it was 12.5%.
Presently, the national inflation rate is 8% -- the highest in 40 years.
The one-time tax credit would benefit more than 400,000 Rhode Island earners, claims Foulkes.
“We anticipate that it would cost approximately $200M and are calling on the Governor to fund it using the state budget surplus,” said Foulkes staffer Audrey Lucus.
A tax cut would require legislative action.
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