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?

3 comments on this story | Add your comment
Please log in or register to add your comment

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

Tuesday, August 31, 2010 | Report this

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

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
PBN Hosted

Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thursday, April 24th, at the Bryant University Bello Center. Don't hesitate. Register today!
  • Business Women
    Accomplished. Confident. Wicked Smart. Nominate women you know who deserve speci ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News