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March 27, 2006

Analysis reveals downward shift in R.I.'s share of federal revenue

The Rhode Island Public Expenditure Council released an analysis this morning that reveals an upcoming shift in how much money the state's residents pay to the federal government and how much they receive.

For decades, state residents have received more in federal spending than they have paid in federal taxes. But that is on the verge of ending, according to today's report.

The data analysis by the business-backed organization found that in the 2000 federal budget year, Rhode Island received $1.15 in federal spending for every $1 Rhode Islanders paid in federal taxes, such as income, excise, estate, gift and customs taxes.

By the 2004 budget year, that had dropped to $1.02.

Read more about the report's findings in today's Journal story.

Posted by Steve Peoples  at 10:45 AM | Permalink