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Old 08-12-2011, 06:05 AM
 
Location: Providence, RI
3,960 posts, read 5,206,948 times
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Default RI STATE INCOME TAX CHANGES for 2011

The general assembly has made changes to the RI income tax structure for 2011. Lower wage earners may see their taxes decrease. The adjusted gross has to be pretty high to see an increase and apparently they got rid of the home mortgage deduction. Will yours go up or down?

Sansiveri, Kimball & Co., L.L.P. - Sweeping Changes Made to 2011 Rhode Island Personal Income Tax Laws
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Old 08-12-2011, 07:02 AM
 
Location: Cranston
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So as far as I can tell, a household making $70K would see pretty much no changes except for a small decrease in their eligible exemptions?

The only dramatic change is a major decrease of rates for very high earners.

I'll tell ya, those Dems in the GA sure do rule with a socialist iron fist!
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Old 02-23-2012, 11:37 AM
 
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yea , the owners of real estate , and those that worked hard to earn over 200K are paying for the illegal’s to go to college at state rates , not to mention the thousands on disability . Guess what we will be leaving in droves , and in about 5 years someone else will have to pick it up . I dont know how they expect to attract business, with this type of foolishness, who would want to live and work here or buy real estate. Should fold it into CT or Mass
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Old 02-27-2012, 01:31 PM
 
Location: RI dreaming of Florida
519 posts, read 937,929 times
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Quote:
Originally Posted by Rnrboy View Post
The only dramatic change is a major decrease of rates for very high earners.

I'll tell ya, those Dems in the GA sure do rule with a socialist iron fist!

The rich taking care of themselves knows no party- locally or nationally.

OTOH, my taxes should go down based on that information....
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Old 02-27-2012, 01:49 PM
 
Location: Tucson, Arizona
4,291 posts, read 6,330,288 times
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I have wondered how a retiree makes it in RI, since all income is taxed even Social Security/Pensions. As far as I know there are no deductions for that type income. I guess when a state is as small as RI is, all forms of taxation must be generated to raise revenue. Perhaps this new tax change will help some residents. I certainly hope so.
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Old 04-10-2012, 02:01 PM
 
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I am a retiree. I just did my fed and RI state taxes. My income consists of social security, IRA withdrawals, fed tax free munis. I cannot believe it. My state income tax is now HIGHER than my federal. The elimination of fed deductions is crazy. We are definitely OUTAHEREFORSURE.
What happened to the good old days of state tax equals 25% of fed?
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Old 04-10-2012, 04:18 PM
 
567 posts, read 504,290 times
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Quote:
I have wondered how a retiree makes it in RI
They don't...they vote with there feet, that's why RI is the slowest growing state in the nation.

Getting rid of the Home Mortgage Deduction is regressive. As it is, your city and town property valuations are inflated to keep taxes as high as possible. Try to sell your home for the evaluated figure, not even close.

Quote:
I'll tell ya, those Dems in the GA sure do rule with a socialist iron fist!
Yea those Dems know where the large donations come from. They don't want to upset that apple cart.

but, feed the working class a little bit of "bird seed" with one hand, and club them with the other.
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Old 04-11-2012, 07:05 AM
 
Location: Cranston
2,040 posts, read 1,949,417 times
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I got much more back this year than I did last year. Maybe you guys need a new accountant. (Or maybe you live in one of the financially troubled cities?)

I'm sorry you're having such bad luck all the time.
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Old 04-11-2012, 04:49 PM
 
567 posts, read 504,290 times
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You know what they say, if you have a job, it's a recession, if you loose your job it's a depression.

RI has the second highest unemployment in the entire Country, almost all the towns and cities are financially troubled, that's why the state just can't get any traction in the business or job creation sector.

But your right...if the saying, "you make your own luck" is accurate, then you just look in the mirror to see who's at fault.
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Old 04-12-2012, 06:57 AM
 
Location: Cranston
2,040 posts, read 1,949,417 times
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Not to quibble (because most of your post is actually accurate), but *most* of the cities and towns being financially troubled is not a true statement by any stretch. I can think of about 5 off hand out of 39. Still waaaaaay too many but hardly *most*.

Times are tough all over.
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