Gov. Daniel J. McKee’s proposed state budget for next fiscal year includes a so-called ‘millionaires tax’ that some business groups have criticized as burdensome on small businesses.
The proposal calls for a tax of 8.99% on income over $1 million. The administration projects that would bring in $67.1 million in fiscal 2027 and $135.5 million in fiscal 2028.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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The change would affect approximately 2,300 resident filers and 5,500 nonresident filers, said State Budge Officer Joseph Codega Jr., with 80% of that burden falling on Rhode Island resident taxpayers.
But the Greater Providence Chamber of Commerce panned the proposal, noting that, “In a state where a majority of higher-income filers in Rhode Island report business income on tax returns, raising personal income tax rates reduces business capital.”
The McKee administration says the additional revenue is needed to help cover a projected $100 million deficit and threatened cuts to federal funding.
Notice how all the millionaire folks who aren’t paying the same amount in taxes as working class and their duped supporters have come out to vote against leveling their taxes on this page. These folks aren’t going anywhere just like in Massachusetts no matter what they try to make you believe. We should ask these people how many jobs they will be creating this year even the tax increase doesn’t happen. My guess would be zero because if you took the revenue as income to get you over $1M then you certainly weren’t reinvesting that money into the business or creating any jobs. 2% of income OVER $1M is nothing.