The mayor spoke in favor of a bill that would increase taxes on individuals making more than $250,000 per year.
A bill in the Rhode Island General Assembly that would increase the tax rate on people who make more than $250,000 per year by 2 percent has one local supporter: Mayor Joseph Polisena. "This legislation would help to give local property tax relief for all of the cities and towns," Polisena told the House Finance Committee yesterday. Tax equity advocates, including labor leaders, municipal leaders, wealthy Rhode Islanders, Providence public school students, small business owners, economists and others, testified today in support of bill H-5751, sponsored by Representative Maria Cimini, that will increase the income tax rate from 5.99% to 7.99% on individuals making over $250,000 per year, which would create a 2% income tax rate increase on …
Despite the so-called 'fiscal cliff' deal reached in Washington, 3 out of 4 taxpayers will pay more in taxes this year.
Monday, January 7
Despite the House and Senate reaching a deal on the so-called "fiscal cliff," 77 percent of Americans will pay more in taxes in 2013. That's because even though just 1 percent of households will pay higher income taxes, an increase in federal payroll taxes will hit nearly every wage earner, according to an analysis by the Tax Policy Center. Individuals earning between $40,000 and $50,000 a year face an average tax increase of $579 in 2013, according to the Tax Policy Center's analysis. The average U.S. worker would pay $679 more in taxes this year under the fiscal cliff deal passed by the Senate early Tuesday morning, while the average member of the top 1 percent of earners would pay $73,633 more, according to Tax Policy Center analysis. …