Millionaire Tax in Rhode Island Gets Governor’s Support

Rhode Island Governor Dan McKee proposed a higher tax on millionaires to help fill a hole in the state’s budget and offset cuts to other levies that would benefit lower-income residents.

McKee is seeking to raise the state levy applied to incomes over $1 million to 8.99%, an increase of three percentage points, according to his budget proposal released Thursday. The threshold is higher than a similar proposal backed by labor leaders and other lawmakers in Rhode Island that called for a surtax on the top 1% of earners, or those with incomes of more than $640,000.