What’s wrong with our tax structure in Rhode Island?
If you’re part of the 98% of Rhode Islanders making under $250,000 a year you’re paying your fair share and more. So why does the General Assembly say we don’t have the revenue to invest in affordable housing for all Rhode Islanders, making college affordable, or school breakfast programs in our public schools?
The problem is the way we’re raising revenue.
Rhode Island’s tax structure is inherently regressive, that means the poorer you are the higher share of your income you’re paying in taxes. And the numbers are astonishing!
When you combine all the taxes we pay, sales, property, income and car taxes, the 20% of Rhode Islanders who are living on $18,000 a year or less are forking over 11.9% of their annual income in taxes. For the top 1%, the people making over $390,000 a year it’s just 5.6%.
Think of it this way. If Warren Buffet and his secretary both go buy the same toaster and they both pay 7% sales tax on it, that flat tax rate means a lot more to his secretary. Its money that she can’t spend on basic necessities, but for Warren Buffet it doesn’t even make a dent.
We can start fixing our regressive tax structure this year with the Miller Cimini Tax Equity bill, and we need your help to do it!