Rhode Island is particularly famous among economic circles for its inability to provide a viable environment for starting and conducting business. The cost of doing business involves much more than just registration logistics. …
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It also includes real estate costs, utilities, labor costs, and taxes that are considered significant factors in business climate evaluation. In this area, Rhode Island has the largest prospect to enhance its reputation in national rankings. Rhode Island’s comparatively lofty tax burden and intricate regulatory structure are two major areas that have made business impossible within the island (Bardach 23). Several proposals have been forwarded with the intention of easing the pressure on businesses. One of these suggestions involves the introduction of tax credits to ease the tax burden and encourage local and foreign enterprises to thrive in the island. The following sections attempt to discuss the pros and cons of introducing such a macroeconomic policy as well as its effects and viability within Rhode Island.
Elements such as a high tax burden and intricate regulatory setting have made it challenging the government to develop an appealing environment for commerce. Rhode Island’s business tax burden can be considered one of the highest globally. Based on the KPMG study entitled “Location Matters”, Rhode Island recorded higher than normal rates for its tax rate index at 28.4%. This figure was significantly higher than all the New England states (Bardach 26). The workforce quality, cost of doing business and business climate in Rhode Island has been cited by different surveys as being below standard while it has performed exceedingly well in terms of quality of life, access to capital and education levels.
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One BTU is required to boil a pound of water. The amount of energy the US consumes usually measure in quadrillion BTUs. In 2009, the US consumed one quadrillion BTUs. Nearly 88 percent of this requirement is supplied by oil, coal and natural gas (Walsh 32).
Unemployment happens when an individual who is vigorously looking for employment is incapable of finding work. It is usually utilized as a measure of progress of the economy. The most typically cited gauge of unemployment is the joblessness rate. The Unemployment Rate is a gauge of the frequency of unemployment, and it is calculated as a fraction by dividing the number of jobless individuals presently in the work force.
It also showed that profits from slavery and slave trade were used in establishing many of the higher educational institutions in Northern parts of America, thus dispelling the belief that only Southerners were engaged in slavery. The report provided evidences which showed that Brown University profited during the initial years from funds that came from direct slave trade and slave dependent businesses (like cotton, tobacco, or rice plantations).
The author states that the conventional manufacturing economy of Rhode Island has diversified to services, retail and wholesale trade, and finance. Despite this shift, several products such as silverware, textiles, primary and fabricated metals, machinery and other items for which Rhode Island is well known, still continue to be manufactured.
Second was the emergence of a dual economy, with New England serving as a node in one of the most lucrative and – as New Englanders themselves would later see it (cf. Weeden 1899) – immoral areas of international trade. This dual economy persisted until the American Revolution, after which the New England economy was once again transformed in a revolutionary manner with the industrial revolution (Merchant 1989).
23). Since 1940s, the U.S tax code has undergone many modifications to ensure justice to taxpayers as well as to generate revenue for the federal government. Tax credits, along with other instruments such as tax deductions and tax exemptions, was used to protecting various income groups and business enterprises during economic downturn (economic instability).
A taxpayer could establish a partnership kind of business or a corporation. For these types of organizations, income taxes on the earnings realized will be “passed through” to the shareholders, who pay them on their yearly tax returns. If he establishes a corporation, it will mean that the corporation pays income taxes earlier on income, while the shareholders pay taxes separately on those earnings upon distribution as dividends.
The Internal Revenue Service (IRS) is the body charged with the administration of estate tax. In the present provisions of IRS, estate tax is taxable at a maximum rate of 35 percent and exempted up to $5,120,000.
After doing extensive research, the author learnt about the college’s library, which utilizes modern technology to make learning process as easy and enjoyable as possible. Also, when he visited a friend, he realized that the college has a tranquil environment, which is very important for studying.
Our group dealt with the analysis of government of Rhode Island. We divided ourselves into four groups; legislative history team, best practices team, the Raimondo administration team and the compiling/writing team. We did so in order to cover more ground in all areas and also to avoid bias to one topic.
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