Rep. Alzate and Sen. Murray statement on ‘millionaires tax’ collections in Massachusetts

 

            STATE HOUSE – Rep. Karen Alzate (D-Dist. 60, Pawtucket, Central Falls) and Sen. Melissa A. Murray (D-Dist. 24, Woonsocket, North Smithfield) are issuing the following statement concerning recently announced “millionaires tax” collections for the fiscal year in Massachusetts.

            Representative Alzate and Senator Murray have introduced legislation (2024-H 7338, 2024-S 2355) which would create an additional Rhode Island personal income surtax of 3% on taxable income over $1 million, with the existing three-bracket personal income tax structure remaining in place.

            “As we now see in Massachusetts, the voter-approved ‘millionaires tax’ has generated $1.8 billion over the fiscal year for the state’s residents and there is still three months to go in the fiscal year.  This staggering amount of money will do so much for the people of Massachusetts and it shows what is possible if the rich pay their fair share in taxes,” said Representative Alzate and Senator Murray.

            “With these results over the border, now is the time for Rhode Island to do the same.  Rhode Islanders across the state are struggling on a daily basis and our state’s much-needed services are already being stretched thin due to lack of funding.  By enacting a ‘millionaires tax’ in Rhode Island, we will be helping to uplift our schools, invest in our children’s educations and futures, fund the rehabilitation of our crumbling infrastructure and provide the social safety nets that too many of residents are relying upon to survive,” concluded Representative Alzate and Senator Murray.

 

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