Rhode Island

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.

A veritable superbloom of tax and budget policies occurred over these last few weeks, including both flowers worth admiring and weeds worth fighting back.

Second home taxes make a lot of sense for communities struggling with housing costs for full-time residents. They can raise real revenues too, which can be used to support further affordable housing development.

From surcharges on the income of high-earners to higher taxes on second homes, here are recent steps states have taken to tax the rich.

As many legislative sessions end, lawmakers are revealing their priorities.