TAXES

Despite promises, Lincoln has seen virtually no tax relief since it voted for a new Twin River facility in 2012. In fact, Lincoln’s $21.60 tax rate is 12.9% higher than Tiverton's $19.14, and Lincoln's commercial tax rate is a whopping 38% higher! There may already be plans to set aside revenue for infrastructure costs, and if the casino revenue is dedicated to tax relief (about $100 a year for the average taxpayer), infrastructure improvements will still need to be funded. Furthermore, the tax burden will shift to homeowners located away from the casino as property values closest to the casino decline. Is sacrificing our town to all the problems that go along with a casino worth it?

Tiverton taxpayers pick up tab for state guarantee
Twin River’s revenue projections for Tiverton already fall short by $1 million. The State of Rhode Island pledges to cover the difference – with YOUR TAX DOLLARS! That's right, YOU will fund the anticipated casino shortfall because they already know that Twin River cannot meet their promise of $3M in revenue to the community. To entice voters, the legislature has thrown in the guarantee (sort of a Twin River tax break) into the mix. Unfortunately, the guarantee has to be approved by the legislature each year, AND it is only valid as long as Twin River owns the casino. If Twin River sells the casino (they're known to change hands), the guarantee ceases to exist, according to the bill.

Casino supporters claim that the guarantee is merely the floor, and not the ceiling, but they seem to ignore what is happening in the casino market. Revenues are down 40% in CT, the market is saturated, Plainville is even reducing their take to attract more visitors. As Twin River takes steps to be more competitive, which may including paying out more, reducing jobs or asking the state for more marketing dollars (at taxpayer expense), we'll be lucky if we don't fall through the "floor."

Revenue projections continue to slide
Twin River's projections initialy indicated that the state would receive between $48-70 million. However, in a recent report, projected revenue to Rhode Island and the town of Tiverton is down 38% from the original projections. The new revenue projections were published just a couple of weeks ago, and they're now at $30-52 million.

Legislative priorities with Twin River, not Tiverton residents
Twin River has a history of overpromising. They over promise revenue in order to get the legislature to cave to its demands, they made financial and employment claims to get the legislature to put the ballot measure on the fast path, and they're spending almost $2 million to lure the voters of Tiverton with the promise of tax relief and jobs -- promises they cannot keep. Twin River and our political leaders are the only ones who stand to gain. See "Twin River contributions a jackpot for R.I. lawmakers."

Do you trust the state? Do you trust Twin River?
There are better ways to address declining revenues and the tax burden. R
emember the last big tax increase Tiverton voters endured in 2008? That was the result of the state pulling all revenue sharing. Do you trust that the state will honor any commitment, particularly since they are the ones who've allowed us to get into a situation where we are dependent on the revenues of a dying industry. It's pretty clear, we're forced to cave to Twin River's demands to preserve a diminishing revenue source because the legislature has failed to come up with a viable and sustainable economic plan.


" ...the problems faced by casinos (and states and cities that rely on them for tax revenues) seem like they are only bound to grow."
TIME

 


Before you vote, understand the impact on families that a casino will have.


If you can call friends or visit neighbors, we need your help! Volunteer to fight the casino. We're counting on you!


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