Rhode Island

Taxing the rich is proven fiscal policy – it raises revenue for vital public services and makes tax codes fairer. But a part of the debate that rarely gets enough attention: taxing the rich is also one of the most effective tools available for advancing racial equity.

Sixteen states provide Child Tax Credits to reduce poverty, boost economic security, and invest in children. State lawmakers have several options to maximize the impact of Child Tax Credits.

In a year of cautious uncertainty around current and ongoing revenues, many state lawmakers strengthened their tax credits for families and children.

Below is a list of tax expenditure reports published in the states.

This year several states raised income tax rates on high-income people to fund crucial services and make progress toward remedying the regressive tilt of their tax codes.

It's the first official week of summer, and while many of us are planning vacations, state lawmakers remain busy finalizing and debating tax proposals.

The spending plan, signed into law by Gov. Dan McKee today, features a new millionaires’ tax, the state’s first permanent child tax credit, expanded eligibility for its Social Security exemption , and strategic decoupling from federal business tax provisions.

As we head into summer, many state legislatures are in the final stretches of their sessions. Rhode Island moved another step closer to joining the ranks of Washington, Maine, and Hawai’i in enacting a new high-income surcharge this year.

We estimate that by 2032, QSBS will be costing states $1.1 billion a year, and since states must balance their budgets, that’s money they can’t use for public services.