We know the economy is bad, especially here in “#2 in unemployment” Rhode Island. But stories like this make you wonder how much more bad news is percolating under the surface.
State tax officials have put more than 1,200 businesses across the state on notice this week that they are out of business unless they pay their overdue sales taxes immediately.
I’m sure we all have a visceral reaction to taxes in general, but putting aside the issue of how the state enforces tax collection, the story provides an example of what onerous taxes to do the economy and our state. When 1200 businesses leave RI over a year or two, nobody notices. But 1200 potentially lost in 60 days and people take notice.