Politics & Government
‘Millionaire Tax’ Included In Rhode Island's 2027 Budget
The House Finance Committee instituted a high-earner's tax of 1% a year over three years for income of more than $1 million a year.
PROVIDENCE, RI — The recently passed Rhode Island budget includes a new "millionaire tax."
The tax was proposed by state Rep. Karen Alzate, D-Pawtucket and Central Falls.
“When taxes are repeatedly cut, especially for top earners and corporations, the state loses revenue that pays for schools, roads, public safety, health care, housing and local aid to cities and towns," Alzate said in a media release.
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"Those needs do not disappear when tax cuts are passed. They simply get pushed onto everyone else through crowded classrooms, aging infrastructure, rising property taxes and underfunded public programs," Alzate said.
"It is about fairness," she said. "Working families already pay their share every day through income taxes, sales taxes, property taxes and fees."
The budget includes a "high-earner’s tax" of 1% a year over three years for income of more than $1 million a year, according to the release.
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