“No” to so-called “millionaires” tax legislation. Instead, let’s bring people back to succeed.
💥 I’m writing today to alert you to pending legislation that would establish a so-called “millionaire’s tax” in Rhode Island (H 5473 and S 0329). The Greater Providence Chamber of Commerce is opposing this anti-business bill. We encourage you to do the same by dropping a line to your state senator and state representative. Find them here.
Rhode Islanders need good jobs, not higher taxes.
‼️ We need to focus on growing our economy and increasing our tax base by attracting new residents and creating new jobs. Rhode Island is already in a fierce competition with neighboring states to attract and keep businesses, residents, and talent. Increasing taxes will have a chilling effect on our ability to compete.
Instead, we suggest state lawmakers come up with some fresh ideas to actually reverse the exodus of high income earners who have already left the state.
➡️ The assertion that the “millionaire’s tax” has been good for Massachusetts is simply not true. Massachusetts ranked 7th on the “Most Moved from States” in United Van Lines 2023 survey. Those leaving the state even included former Boston Celtics player Grant Williamswho left for the Dallas Mavericks, citing the new high earner tax as one of the reasons for his move. In sharp contrast, Rhode Island was 5th on the “Most Moved to States” list, showing that the effort we have invested to build our economy is paying dividends and attracting new taxpayers.
➡️ The proposed tax increase (which would kick in at $625K) is particularly concerning as Rhode Island is making investments to expand high-wage sectors like life sciences and cyber and is poised to compete with Massachusetts for the first time in a generation. Right now, we have some advantages over Massachusetts including a 1% lower corporate tax rate, a 24% lower cost of living than Boston, and a lower personal income tax on high earners. We need to build on these advantages, not end them.
Rhode Island’s business community is united in its opposition to H 5473 and S 0329.
✅ From a day-to-day perspective, we are pressing forward with constructive, solutions-focused advocacy. Not just presenting problems but working to find balanced policies that help both businesses and the broader community.
Here is a link to our legislative agenda. Take a quick look at our PAC website so you can get a feel for the issues we believe are important — particularly those that drive Rhode Island’s tax and business climate rankings.
I strongly encourage all members to join us at the Chamber’s Annual Legislative Luncheon on March 12th at the Rhode Island Convention Center. Be seen. Be heard. Gain a perspective on the many issues swirling about. Register here.
Finally, in case you missed my previous emails, I’m once again including photos from our legislative reception at the State House in January. It was great seeing so many members at the State House.
Please feel free to hit reply (here) and let me know what you think!
Photo by Jimmy Salabert for the Greater Providence Chamber of Commerce Annual Meeting on Nov. 25, 2024