Rhode Island joined the growing ranks of states with a millionaire tax, moving to shore up its budget in spite of warnings that the departure of even a few wealthy residents would hurt the nation’s smallest state.
Democratic Governor Dan McKee signed a budget Friday that institutes a new tax on incomes over $1 million, lifting the state’s top rate to 8.99% from 5.99% over three years. While McKee earlier this year proposed immediately implementing the full levy, state legislators decided to phase it in to better gauge its effect on revenue.
“By asking the wealthiest ...
