Home Economy McKee seeks ‘millionaires tax’ in record $14.86B spending proposal

McKee seeks ‘millionaires tax’ in record $14.86B spending proposal

Updated at 5:24 p.m.

GOV. DANIEL J. MCKEE’S fiscal 2027 budget plan includes a so-called ‘millionaires tax’ of 8.99% on income over $1 million, which the administration projects would bring in $67.1 million in the first year and $135.5 million in fiscal 2028. /AP FILE PHOTO

PROVIDENCE – Gov. Daniel J. McKee on Thursday released a $14.86 billion spending proposal for the next fiscal year that includes a so-called ‘millionaires tax’ that was quickly derided by the state’s largest chamber of commerce as a “gimmick.” The proposal, an increase of $522.6 million over fiscal 2026, has $5.9 billion in general fund

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