A proposed three-year phase in of a so-called “millionaires tax” that would gradually raise the top tax rate on income above $1 million to 8.99% over three years is working its way through the General Assembly.
It was passed by a key House committee after business opposition to Gov. Daniel J. McKee’s original proposal to raise the current top rate of 5.99% to 8.99% in one step.
The Most Undervalued Asset in Business: The Right Connection
By Emilio DiSpirito IV License Partner | Private Office Advisor Engel & Volkers Oceanside www.DiSpiritoteam.com…
Learn More
Supporters say the new tax would generate much needed revenue, including $22 million next fiscal year.
But opponents, including the Greater Providence Chamber of Commerce, do not see the proposal expected to be approved by the General Assembly as a compromise.
“It sends a signal that Rhode Island is imposing a tax on success. It does not address underlying competitiveness concerns,” Chamber President Laurie White told PBN.
