August 18, 2020

Revenue for Rhode Island: An Equitable Path Forward

ITEP Work in Action
  • We propose raising revenue for Rhode Island by adding one new tax bracket for the top 1% of earners – from 5.99% to 8.99% on adjusted gross income above $475,000.
  • The average adjusted gross income for those impacted is $1 million dollars per year.
  • This proposal will have no effect on Rhode Islanders outside of top the 1% (those who earn less than $475,000 will see no change in their tax rate.)
  • This proposal impacts approximately 5,000 tax filers.
  • This proposal will generate an estimated $128.2 million in new revenues.