opinion

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

Posted 8/30/10

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?

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