Rhode Island progressives are making bold moves to address income inequality by proposing higher taxes on millionaires and a $20 minimum wage. The proposed tax increase for millionaires would create a new tax bracket for incomes over $475,000, with the highest earners potentially facing a 9.9% tax rate. This would bring in an estimated $129 million in revenue that could be used to fund various programs and initiatives in the state.
In addition to the tax increase, progressives are also pushing for a $20 minimum wage, which would be the highest in the country if implemented. Advocates argue that this increase is necessary to provide workers with a living wage that reflects the rising cost of living.
These proposals have sparked debate among lawmakers and the public, with some expressing concerns about the impact on businesses and the economy. However, progressives argue that these measures are essential to address the growing wealth gap and ensure that all Rhode Islanders have access to a decent standard of living.
Overall, these proposals reflect a growing movement towards more progressive policies in Rhode Island and signal a shift towards prioritizing economic justice and equity.
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