Millionaire’s tax and top income-tax rate
The FY 2027 budget process featured a proposed “millionaire’s tax” of 8.99% on individual and pass-through business income over $1 million, which would place Rhode Island among states with the highest top rates. House leaders discussed phasing it in; it is a central tax-and-revenue debate tied to spending plans and projected deficits.
Should Rhode Island adopt or keep a higher “millionaire’s” top income-tax rate?
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Sources
Rhode Island Public Expenditure Council — https://ripec.org/fy2027_budget_proposal_highlights
A new proposed “millionaire’s tax”—at 8.99 percent on individual and business pass-through income over $1.0 million—would rank Rhode Island’s top income tax rate as the 8th highest among U.S. states.
House Speaker Christopher Blazejewski — https://rhodeislandcurrent.com/2026/05/29/house-lawmakers-see-governors-proposed-fy27-budget-and-raise-it-to-15-2b
Rhode Island House Speaker Christopher Blazejewski says a millionaires’s tax would be phased in over three years during a budget briefing with reporters Friday, May 29, 2026.
Positions on this issue · liberal → conservative
- Enact a higher millionaire surtax and use revenue for housing, health, and climate programs
- Phase in an 8.99% top rate on income over $1 million to fund key services with gradual implementation
- Study high-earner tax changes but avoid locking in one of the nation’s highest top rates yet
- Reject new millionaire brackets and keep competitive top rates to retain earners and businesses
- Cut top income-tax rates and oppose any millionaire surtax as harmful to growth