Rhode Island
Rhode Island weighs new tax on highest earners as Trump policy pressures mount
The proposed new income levy would build on the state’s “Taylor Swift tax,” adding to a growing web of state-level measures impacting affluent households.
Rhode Island is moving closer to a new tax on high earners, adding to a growing patchwork of state measures aimed at the wealthy that advisors will have to keep tabs on for affluent clients with multistate ties.
Governor Dan McKee, who previously resisted calls for higher income taxes, is now signaling openness to a surtax on top earners as federal cuts squeeze the state’s finances.
As reported by Bloomberg, Lawmakers are revisiting a proposal for a 3% surtax on income above $640,000, roughly the top 1% of earners in the state, to help plug a projected deficit of at least $101 million for the fiscal year starting in July. McKee’s office has also floated an income threshold of $1 million for any wealth tax.
“We are in a spot where we’re going to have to address some of those headwinds that are coming our way from DC,” McKee said, pointing to reductions in Medicaid, food assistance and other programs by the federal government under President Donald Trump.
The debate in Providence mirrors a broader shift among Democratic policymakers who are turning to high-income households and owners of luxury property to shore up budgets and address what they see as a K-shaped economy. Neighboring Massachusetts has become a key reference point with its 4% surtax on income above $1 million, approved in 2022, which has reportedly generated billions in additional revenue.
On the West Coast, a billionaire tax proposal in California that would place a one-time 5% levy on all the worldwide assets of billionaires who resided in the state as of January 1 has sparked swift reactions from critics warning of a resultant wealth exodus.
For advisors, Rhode Island is already a test case in using real estate taxes to target the wealthy. A new surcharge on second homes valued at more than $1 million, dubbed the “Taylor Swift tax,” takes effect this summer. For non-primary residences, or properties not occupied more than half the year, the state will charge $2.50 for every $500 in assessed value above the first $1 million, on top of existing property taxes.
Read more: “Fearless” singer Taylor Swift joins billionaires’ club on prestigious women’s rich list
Luxury brokers have warned the levy hits the very people supporting much of the local economy in seasonal communities like Newport and Watch Hill. “These are people who just come here for the summer, spend their money and pay their fair share of taxes,” Donna Krueger-Simmons, a sales agent in Watch Hill, told CNBC when that property tax was unveiled. “They’re getting penalized just because they also live somewhere else.”
Critics say some second-home owners are weighing sales and prospective buyers are pausing purchases or looking to coastal alternatives in nearby Connecticut. That kind of cross-border arbitrage will be familiar territory for advisors whose clients can choose among multiple high-end destinations.
Advocates counter that higher taxes on second homes and top incomes are necessary to keep tourist towns livable for year-round workers who keep service economies running. One commentary by the Institute on Taxation and Economic Policy argues that wealthy vacation-home owners and high earners can absorb surtaxes that fund housing, infrastructure and local services, and that states should design broad, progressive real estate and income tax systems rather than leaning on middle-income residents.
The proposed income surtax failed to make it into last year’s budget but is expected to be a central flashpoint in the current session. Rhode Island Senate President Valarie Lawson has supported earlier versions, while House Speaker Joe Shekarchi has said he is open to the idea but uncertain where the income line should be drawn.
“You can say tax the rich, but what is the rich?” he said.
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Republican candidate for lieutenant governor John Loughlin wants the office to become the Rhode Island inspector general his party has been seeking in vain for years.
Loughlin, a former state representative, said on May 11 that, if elected, he would staff the underutilized office with people who would help him expose “fraud, waste, abuse, and government corruption.”
“Rhode Islanders are sick and tired of watching their tax dollars disappear into a black hole of inefficiency, cronyism, and outright corruption while the General Assembly talks a big game but delivers nothing − year after year after year,” Loughlin said in a news release. “For more than two decades, the legislature has failed to create a true Inspector General with real investigative power. Enough is enough. If they won’t do it, the Lieutenant Governor’s Office will − starting on day one.”
Why turn the lieutenant governor into an inspector general?
The Rhode Island Constitution gives the lieutenant governor little to no authority beyond being available in case the governor is unable to finish their term. That’s prompted some to call it a “do nothing” office and others to propose abolishing it.
“Frankly, the current workload of the office leaves ample time and resources to do far more for taxpayers than ceremonial appearances and ribbon-cuttings,” Loughlin said in his news release. “Rhode Islanders deserve a Lieutenant Governor’s Office that works every day to protect their money and hold government accountable.”
The lieutenant governor’s office has a budget of $1.4 million, which Loughlin said is enough to staff and run an effective investigative team made up of “certified auditors, investigators, and compliance professionals” to review state agency spending and contracts.
He acknowledged that the lieutenant governor does not have subpoena power, but believes that investigations can be completed utilizing public records requests and gathering publicly-available data.
Loughlin, who ended his talk radio show earlier this year when he announced his campaign for governor, said he would communicate his findings through “RI Report” publications, news briefings and podcasts.
He said he would also make the office’s resources available to city and town leaders.
Republicans have been fighting for an inspector general
Rhode Island Republicans have for years promised to lower state spending by rooting out government waste, fraud and abuse. The last GOP Rhode Island governor, Donald Carcieri, launched a “Fiscal Fitness” program that aimed to save money and find efficiencies.
Democrats criticized Carcieri’s tenure for featuring exorbitant privatization and outsourcing.
Since Carcieri, the idea of creating an independent inspector general similar to those in other states has become a holy grail for Rhode Island Republicans, but the Democratic General Assembly has had little interest in it.
“If our office saves just 1% from Rhode Island’s bloated state budget, the savings would return more than ten times the entire cost of the Lieutenant Governor’s Office to taxpayers – and that’s only the beginning,” Loughlin said in the news release.
The Rhode Island Lottery offers multiple draw games for those aiming to win big.
Here’s a look at May 10, 2026, results for each game:
Winning Numbers numbers from May 10 drawing
Midday: 9-9-9-0
Evening: 5-5-0-9
Check Numbers payouts and previous drawings here.
Winning Wild Money numbers from May 10 drawing
01-13-14-16-32, Extra: 02
Check Wild Money payouts and previous drawings here.
Winning Millionaire for Life numbers from May 10 drawing
01-03-20-35-46, Bonus: 05
Check Millionaire for Life payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
Are you a winner? Here’s how to claim your prize
- Prizes less than $600 can be claimed at any Rhode Island Lottery Retailer. Prizes of $600 and above must be claimed at Lottery Headquarters, 1425 Pontiac Ave., Cranston, Rhode Island 02920.
- Mega Millions and Powerball jackpot winners can decide on cash or annuity payment within 60 days after becoming entitled to the prize. The annuitized prize shall be paid in 30 graduated annual installments.
- Winners of the Millionaire for Life top prize of $1,000,000 a year for life and second prize of $100,000 a year for life can decide to collect the prize for a minimum of 20 years or take a lump sum cash payment.
When are the Rhode Island Lottery drawings held?
- Powerball: 10:59 p.m. ET on Monday, Wednesday, and Saturday.
- Mega Millions: 11:00 p.m. ET on Tuesday and Friday.
- Lucky for Life: 10:30 p.m. ET daily.
- Millionaire for Life: 11:15 p.m. ET daily.
- Numbers (Midday): 1:30 p.m. ET daily.
- Numbers (Evening): 7:29 p.m. ET daily.
- Wild Money: 7:29 p.m. ET on Tuesday, Thursday and Saturday.
This results page was generated automatically using information from TinBu and a template written and reviewed by a Rhode Island editor. You can send feedback using this form.
Watch: Khano Smith speaks with media after RIFC drew Tampa Bay
Watch as Khano Smith speaks with media after RIFC drew Tampa Bay
PAWTUCKET — JJ Williams finally had his space and rose to the opportunity.
The Rhode Island FC striker, deep in the attacking zone, came back to a cross and headed Nick Scardina’s service to the near post to salvage the night for Rhode Island. Williams’ goal landed in the 86th minute to draw Tampa Bay Rowdies, 1-1, in rain-soaked Pawtucket.
It’s the third draw in USL Championship play for Rhode Island at Centreville Bank Stadium this season. RIFC was turning in a familiar performance before snagging the tie against the league-leading Rowdies as Williams supplied his third regular-season goal of the year. The draw is the first time RIFC has earned a result after the opposition opened the scoring since its 1-1 tie vs. Birmingham Legion FC on July 5, 2025.
Rhode Island now travels to USL League One side Portland Hearts of Pine for its second game of the 2026 Prinx Tires USL Cup group stage on Saturday, May 16 at 4 p.m. The club returns to Pawtucket on May 23 against Brooklyn FC.
“All night they made it tough because they were doubling,” Williams said of Tampa Bay. “And wherever I went to, they were going contact first, especially in this league with no [Video Assistant Referee] … but on that one, the ball was so good that they spun around, and then I was able to make good contact.”
Rhode Island had a string of missed chances in the first 15 minutes that fed into a goal for Tampa Bay and then a triple substitution in the second half that provided little spark. Max Schneider’s cross from right of the box found Pedro Dolabella at the far post for a clinical header in the 29th minute in front of an announced attendance of 6,790.
The game’s first score came just 10 minutes after attempts from Hugo Bacharach and Jojea Kwizera were saved and Williams sailed an open shot past the bar.
“We tried to correct some of those things that we struggled with last week,” Williams said. “Getting to the ball, making tackles, making a stick, I think that we weren’t as clean in possession as we would have been, especially as we won the ball and played forward. We had a lot of turnovers in the first half where we could have seen more chances, but we did well to weather the storm early and create some. But for me, I [have] to bury that first one.”
Rhode Island creates plenty of chances — it is tied for fourth with 112 attempts — but has just 12 goals this season. If it had finished one of the early chances against Tampa Bay, it would’ve shifted the tenor of the match and forced the visitors to play outside of its form. But the final scoring sequence is still missing with the summer months coming soon.
“Happy with the spirit, happy with the effort, happy with the fight,” RIFC coach Khano Smith said. “You’ve seen that a lot with our team. They just fought to the end, never gave up, kept pushing. Ultimately, it’s two more points dropped at home, and we need to find a way to stop doing that. We need to be ruthless – just ruthless in front of the goal.”
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