2 days ago
It's time to tax the wealthiest and invest in a Rhode Island that works for all of us
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A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State.
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We reject the tired, misleading narratives pushed by opponents like the
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'Taxing the 1% is the fair thing to do. Rhode Island's economy is growing; everyone should pay their fair share for the growth and economic well-being of our state,' says Vennicia Kingston, a member of RIBBA and CEO of Eagle Eye Construction in Johnston, R.I.
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Meanwhile, the wealthiest among us often benefit from tax loopholes and wealth management strategies that lower their effective tax rates well below what most working families pay. Many high-income earners receive income through pass-through entities, investments, and capital gains — all taxed at lower rates than the wages earned by small business owners and everyday Rhode Islanders. According to the
— a clear sign of a regressive and inequitable system.
It's time to fix that.
The revenue from this proposal would directly support the critical services that create a strong, thriving economy: education, child care, health care, transportation, housing, and senior care. These investments are not just social goods, they are economic multipliers that benefit everyone, including the business community.
Let's also reject the fear-based claim that wealthy residents will
According to the Economic Progress Institute's 2024 Rhode Island Standard of Need
68 percent of single adults, 78 percent of single parents with two children, and 34 percent of two-parent households with two children cannot afford to meet their basic needs without public assistance. That is not sustainable. That is not fair, and is not a Rhode Island where we want to live.
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RIBBA works every day to close the racial wealth gap, and we see firsthand how tax and budget decisions shape economic opportunities. When we underfund the services that help families thrive, it's Black, Brown, immigrant, and working-class Rhode Islanders who pay the price. That's why this legislation is about more than revenue — it's about justice, equity, and building a Rhode Island where everyone has a chance to succeed.
'This is much needed legislation. We at MAAT Future believe that what is fair is fair. Rhode Island should be proud and begin to move faster and progressively with the times,' state Mike and Tamara Tardy, members of RIBBA and owners of R.I.-based MAAT Future, LLC.
We urge the General Assembly to pass H-5473/S-0329. Let's stop balancing our state budget on the backs of those who can least afford it, and start asking those who've benefited the most to contribute their fair share.
The people are ready. The evidence is clear. The time is now. Let's tax the 1 percent — and reinvest in the 99 percent.
Lisa Ranglin is the president and CEO of RIBBA, a nonprofit that works to advance opportunities for Rhode Island businesses and career professionals.
