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In an effort to address the state's ongoing fiscal challenges, Rhode Island lawmakers have introduced a comprehensive tax reform package that aims to increase state revenue and reduce the burden on middle-class families. The proposed legislation, which was unveiled yesterday, includes a number of significant changes to the state's tax code, including increases in income and corporate taxes, as well as the introduction of a new tax on high-income earners.One of the key components of the tax overhaul is a proposed increase in the state's top income tax rate from 5.99% to 7%, which would apply to individuals earning over $250,000 per year. Lawmakers argue that this change is necessary to ensure that high-income earners pay their fair share and help fund vital state services such as education and healthcare.In addition to the increase in the income tax rate, the proposed legislation also includes a new tax on large corporations with annual revenues of over $10 million. Under the new plan, these corporations would be subject to a 2% tax on their gross receipts, which lawmakers estimate could generate an additional $50 million in revenue for the state each year.The tax reform package has already sparked debate among lawmakers and interest groups, with supporters lauding the proposed changes as necessary steps to address Rhode Island's budget woes, while opponents argue that the tax increases could stifle economic growth and drive businesses out of the state.Governor Sarah Johnson has expressed cautious support for the tax overhaul, stating that she is open to exploring all options to address the state's fiscal challenges. However, she has also emphasized the need to carefully consider the potential impact of the proposed changes on Rhode Island's economy and the state's competitiveness.The proposed tax reform package is expected to undergo further debate and revisions in the coming weeks, with lawmakers aiming to pass the legislation before the end of the current legislative session. If successful, the changes could take effect as early as the beginning of the next fiscal year, with the goal of providing much-needed revenue to support state programs and services.