An analysis by the Rhode Island Public Expenditure Council (RIPEC) of Governor Dan McKee’s FY 2027 budget gives the proposal credit for slowing the pace of spending but criticizes McKee’s new tax hike on the state’s top earners.
RIPEC states, “If enacted, the governor’s proposed millionaire’s tax rate of 8.99 percent would be the 8th highest top income tax rate among U.S. states and would essentially match the 9.0 percent rate in Massachusetts for the highest rate in New England. Last April, RIPEC published a policy brief finding that a sharp increase in taxes on the state’s higher earners would risk negative long-term consequences for state revenues and the economy.” READ HERE
“McKee’s spending plan [is] relatively restrained after a period of extraordinary growth, but the expenditures rely on a new millionaire’s tax that would sharply increase taxes on income over $1.0 million,” says RIPEC…