Updated May 27 at 7:27pm

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opinion

Thirty Rhode Islanders with incomes of $10 million or more will pay less income tax than previously thought; is this fair?

Posted:

When Gov. Donald L. Carcieri signed into law a revised income tax structure in June, it was hailed as a positive move for the state, especially in relation to its competitive position relative to other New England states.

One of the features of the revised tax structure was a greater burden being placed on very high-wealth individuals. But recalculations of the amount of taxes the 30 highest-income Rhode Islanders show that instead of paying more in taxes, they will pay less in 2011 once the state’s Historic Preservation Investment Tax Credit is taken into account.

What do think of this situation?

historic preservation investment tax credit, income tax, high-wealth individuals

Comments

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jill@biowaterusa.com

Why should anyone be penalized for making money? Let's not drive them out too...

Tuesday, August 31, 2010 | Report this
nikkicandrews@cox.net

I would love to hear a logical argument for why someone who makes more money should pay more money in taxes. I thought the concept of percentages was pretty clear in middle school. I guess not.

Thursday, September 2, 2010 | Report this
sandvigenmt

I am sorry, was there a story here? Since State Tax percentages are based on Federal income tax and capital gains, what are they paying now; the story does not say? Is the Historic Preservation Investment Tax Credit a one time deduction or is it in place for perpetutiy; the story does not say? If we are going to post this kind of infammatory nonsense in the future, can we at least have something to objectively make a decision with?

Friday, September 3, 2010 | Report this
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