Lawmakers propose tax hike on high earners to fund education
PROVIDENCE, R.I. — Two Rhode Island lawmakers are proposing to raise taxes on residents earning more than $500,000 annually to pay for education.
Democratic state Sen. Ryan Pearson, of Cumberland, and Democratic Rep. Gregg Amore, of East Providence, are proposing a new tax bracket for income earned higher than $500,000. It would add one percentage point to the 5.99% top rate, with incremental revenue directed to an account for funding education from kindergarten through grade 12, they said.
They emphasized that their proposal would not impact any resident earning less than $500,000 annually.
Amore said the state needs a commitment of resources to pay for reforms to the education system. Pearson said that by asking the top 1% of earners in Rhode Island to contribute more, there will be funding to ensure that all Rhode Islanders can get a good education.
The legislation will be assigned to committees for consideration. The Senate version of the bill is co-sponsored by the chairman of the Senate Finance Committee and members of the finance and education committees.
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