A group of legislators in Rhode Island are proposing a tax increase on some of the wealthiest residents in the state.
Revenue for Rhode Island’s legislation seeks to raise $144.5 million by adding a new tax bracket for the top 1% of earners — from 5.99% to 8.99% on adjusted gross income above $500,000. The proposal was introduced last month by Sen. Melissa Murray, D-Woonsocket, who says the revenue could be used for schools and education, infrastructure and veterans programs, housing and more. Accountant Bill Horan reacted to the news this morning with Gene Valicenti and explains how tax payers would be affected.
See omnystudio.com/listener for privacy information.