This proposal will only impact the top 1% of earners (and only applies to income above $500,000.)

*These examples use RI’s 2022 tax brackets; the inflation-adjusted brackets for 2023 will likely make the above estimates slightly high.

This proposal will ensure the top 1% pays a percentage of their income similar to the middle 60% of filers.

The New Brackets

*Using Tax Year 2022 dollars and brackets; actual Tax Year 2023 brackets will be adjusted for inflation and announced in November or December 2022 by the Division of Taxation.
**The amount of $500,000 marks the cut-off for the top 1% in taxable income for Tax Year 2022; in order to arrive at this figure for the inflation-adjusted 2022 bracket cut-off, the proposed legislation should make the cut-off $403,500 (in 2011 dollars); at the time of the original switch from five to three brackets, the new cut-offs were $55,000 and $125,000, inflation-adjusted for Tax Year 2022 as per this chart.