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Rhode Island House Passes $15.2 Billion Budget with Millionaires Tax
R.I. House approves $15.2 billion state budget that phases in millionaires tax
The Boston Globe
Image: The Boston Globe
The Rhode Island House of Representatives approved a $15.2 billion budget that includes a phased millionaires tax, projected to generate $22.4 million in 2027 and $142 million by 2030. The budget aims to address critical needs for residents while facing opposition from Republicans who argue against overspending.
- 01The budget totals $15.2 billion, marking a significant increase from the $4.5 billion budget in 2000.
- 02The millionaires tax will be phased in, reaching 8.99% by 2029, generating an estimated $142 million by 2030.
- 03House Speaker Christopher R. Blazejewski emphasized the budget's focus on everyday Rhode Islanders' needs, including education and healthcare access.
- 04Opponents, including House Minority Leader Michael W. Chippendale, criticized the budget as unsustainable, highlighting wage growth of only 25-30% since 2000.
- 05The budget includes a $45 million bond for a Rhode Island State History Center, coinciding with the 250th anniversary of the Declaration of Independence.
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The Rhode Island House of Representatives voted 64 to 10 in favor of a record $15.2 billion state budget, which includes a phased-in millionaires tax aimed at generating significant revenue for the state. The tax will increase to 6.99% in 2027, 7.99% in 2028, and 8.99% in 2029, with projections estimating $22.4 million in revenue for 2027 and $142 million by 2030. Proponents of the tax argue it is necessary to support essential services for the state's most vulnerable populations, while opponents claim it will harm economic growth and disproportionately affect lower-income residents. The budget also features a $45 million bond for the construction of a Rhode Island State History Center, aligning with the upcoming 250th anniversary of the Declaration of Independence. The Senate is expected to approve the budget next week as the General Assembly aims to conclude its session by June 12.
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The budget aims to provide essential services and support for Rhode Islanders, addressing issues like food insecurity and healthcare access.
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