REV4RI_LOGO_hm

A campaign to raise much-needed revenue for Rhode Islanders by ensuring those making more than $1 million dollars per year contribute their fair share.

REV4RI_LOGO_hm

A campaign to raise much-needed revenue for Rhode Islanders by ensuring those making more than $1 million dollars per year contribute their fair share.

Our Proposal

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  • We propose raising revenue for Rhode Islanders by adding a new 3% surtax for millionaires – at a rate of 3.00% (on top of the current top rate of 5.99%) on taxable income above $1 million.
  • This proposal will have no effect on Rhode Islander filers whose taxable income is $1 million or less; even millionaires whose taxable income after deductions and credits is $1 million or less will see no change in their taxes.
  • This proposal impacts only an estimated 2,134 tax filers.
  • This proposal will generate an estimated $126 million in new revenue.
  • This legislation would establish a Restricted Receipts account to hold the new revenue generated, which could be appropriated for Child Care & Early Education, Education (Kindergarten through College), Roads & Bridges, and Public Transportation.

These revenues can be used for:

Child care & early education

Education (K-college/university)

Roads/bridges

Public transportation

This proposal will only impact households that make more than $1 million dollars per year (and only applies to income above $1 million dollars).

*These examples use RI’s 2024 tax brackets; the inflation-adjusted brackets for 2025 will likely make the above estimates slightly high.

Our current tax system is heavily skewed in favor of the highest-income Rhode Islanders, who pay a much lower percentage in taxes as a share of their annual income.

* Institute on Taxation and Economic Policy, “A Distributional Analysis of the Tax Systems in All 50 States” | Seventh Edition, January 2024

* Using Tax Year 2024 dollars and brackets; actual Tax Year 2025 brackets will be adjusted for inflation and announced in November or December 2024 by Rhode Island’s Division of Taxation.

News

Providence Journal

February 24, 2021

Organized Labor, allies push for tax hikes on high earners