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3/22/2022
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Rep. Alzate, Sen. Murray and Revenue for RI coalition announces 2022 campaign to ensure those making over $500,000 contribute their fair share
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STATE HOUSE – Rep. Karen Alzate, Sen. Melissa A. Murray and the Revenue for Rhode Island coalition kicked off their 2022 campaign today to raise revenue for the state by adding one new tax bracket – at a marginal rate of 8.99 percent (in place of the current top rate of 5.99 percent) on income above $500,000, ensuring that the top 1 percent of earners are contributing their fair share.
The Coalition estimates that the legislation (2022-H 7440, 2022-S 2264), sponsored by Representative Alzate and Senator Murray, would raise $144.5 million in new tax revenue. It would only impact the top 1 percent of tax filers.
“While we have seen an influx of federal pandemic relief money into our state’s coffers, these are one-time funds and will soon be dried up. Looking forward, it is imperative that our state raise revenue so that crucial and often life-saving programs and services remain available to Rhode Islanders in need,” said Representative Alzate (D-Dist. 60, Pawtucket). “The pandemic has taken a massive toll on lower and middle class Rhode Islanders – we can’t keep asking them to absorb more and more cuts without asking the wealthiest Rhode Islanders to chip in. We’re simply asking the wealthiest 1 percent to pay a small percentage more on income above and beyond $500,000, while having no impact on those Rhode Islanders making less than that amount.”
“The gap between the rich and poor continues to widen due to decades of policies that have helped the rich get richer,” stated Senator Murray (D-Dist. 24, Woonsocket, North Smithfield). “We can’t keep balancing budgets by cutting vital social service programs that our most vulnerable citizens depend on, especially with Rhode Island residents still feeling the effects of the COVID pandemic. This legislation will allow us the flexibility to properly fund critical programs and services on an ongoing basis, especially once the federal relief money dries up. This helps put our state on more solid financial footing going forward, and ensures a more equitable tax structure.”
Melina Lodge, Executive Director of the Housing Network of Rhode Island, stated, “Governor McKee and the General Assembly have committed to increasing state investments for affordable homes. The Revenue for RI legislation provides a pathway to do that beyond one-time use of federal funds. Revenue raised from this sensible and popular proposal will also fund complementary and crucial investments in our schools, workforce, natural resources, and diverse communities. Right-sizing our revenue stream is critical to ensuring adequate funding for these initiatives in years to come, beyond a one-time infusion of federal funds.”
Revenue for Rhode Island coalition members include the RI AFL-CIO, NEARI, RIFTHP, SEIU State Council, SEIU District 1199, Economic Progress Institute, Carpenters Local 330, Center for Youth & Community Leadership in Education (CYCLE), Coalition of Labor Union Women RI, Direct Action for Rights and Equality, IFTPE Local 400, Interfaith Coalition to Reduce Poverty, Latino Policy Institute, Planned Parenthood Votes! of RI, Protect Our Healthcare Coalition, Providence Central Labor Council, RI Association for Infant Mental Health, RI Coalition Against Domestic Violence, RI Coalition for Children and Families, RI Coalition for the Homeless, RI National Organization for Women, The Right from the Start Coalition, UNITE HERE Local 26, URI American Association of University Professors (AAUP), Women’s Fund of RI, and the Working Families Party.
To learn more about the Revenue for Rhode Island campaign, visit www.RevenueForRI.org.
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903
(401)222-6124
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