Does Your State Have a Sales Tax Holiday?
However well-intended they may be, sales tax holidays remain the same as they always have been—ineffective and inefficient.
4 min read
Rhode Island Tax Rates, Collections, and Burdens
How does Rhode Island’s tax code compare? Rhode Island has a graduated individual income tax, with rates ranging from 3.75 percent to 5.99 percent. Rhode Island also has a flat 7.00 percent corporate income tax rate. Rhode Island has a 7.00 percent state sales tax rate and does not levy local sales taxes. Rhode Island’s tax system ranks 42nd overall on our 2023 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Rhode Island is no exception. The first step towards understanding Rhode Island’s tax code is knowing the basics. How does Rhode Island collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures: How Does Your State Compare?
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All Related Articles
State and Local Sales Tax Rates, Midyear 2023
Compare the latest 2023 sales tax rates as of July 1st. Sales tax rate differentials can induce consumers to shop across borders or buy products online.
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How High Are Beer Taxes in Your State?
Taxes are the single most expensive ingredient in beer, costing more than the labor and raw materials combined.
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How Hard Do Distilled Spirits Taxes Bite in Your State?
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Ranking Property Taxes on the 2023 State Business Tax Climate Index
States are in a better position to attract business investment when they maintain competitive real property tax rates and avoid harmful taxes on tangible personal property, intangible property, wealth, and asset transfers.
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Compare Tobacco Tax Data in Your State
In the United States, tobacco is taxed at both the federal and state and sometimes even local levels. These layers of taxes often result in very high levels of taxation—the highest of any consumer item. The retail price of cigarettes, for instance, is more than 40 percent taxes on average. In some states, like Minnesota and New York, more than 50 percent of the price paid by consumers comes from taxes.
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Ranking Sales Taxes on the 2023 State Business Tax Climate Index
An ideal sales tax applies to a broad base of final consumer goods and services, with few exemptions, and is levied at a low rate.
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Ranking Individual Income Taxes on the 2023 State Business Tax Climate Index
Individual income tax rates can influence location decision-making, especially in an era of enhanced mobility, where it is easier for individuals to move without jeopardizing their current job, or without limiting the scope of their search for a new one.
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Does Your State Tax Recreational Marijuana?
Recreational marijuana taxation is one of the hottest policy issues in the U.S. Currently, 21 states have implemented legislation to legalize and tax recreational marijuana sales.
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