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Money Doesn’t Better School Outcomes

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Unnamed (1)In an effort to increase education funding in Rhode Island, two state lawmakers have introduced a tax reform plan that would raise taxes on residents earning more than $500,000 annually. The new tax bracket would add 1 percentage point to the 5.99 percent top rate for income earned higher than $500,000. An incremental amount of the new revenue would be directed to a designated account for funding K-12 education

Although some supporters of so-called millionaire taxes argue large-scale relocation by wealthy taxpayers is not likely to occur, the negative effect of Maryland’s millionaire tax provides a stark example of what could take place in Rhode Island. In 2009, Maryland enacted a millionaire tax projected to raise an additional $106 million per year. Instead of providing the anticipated revenue increase, the number of Marylanders reporting incomes of $1 million or more fell by one-third just one year after the tax became law.

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1 COMMENT

  1. What people fail to recognize is that the actual target of public school system is not to turn out educated students rather they are designed to turn out a compliant, state indoctrinated citizen that is complaint with the policies of the state. To that end, they have been remarkably successful at reaching their goal.