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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In Rhode Island, as in other states, taxpayers are subject to various types of taxes imposed by state and local governments, as well as the federal government. Rhode Island imposes a state income tax on individuals, which is graduated based on income levels. The state also levies a capital gains tax as part of the income tax on profits from the sale of assets. Property taxes are primarily administered by local municipalities and are based on the assessed value of real and personal property. Rhode Island does not have a franchise tax. However, it does impose a sales tax on the purchase of goods and services, and a use tax on goods purchased out of state but used within Rhode Island. The state does not have a gift tax, but it does have an estate tax, which applies to the transfer of an estate of a deceased person above a certain threshold. There is no inheritance tax in Rhode Island. It's important to note that federal taxes, including federal income tax, capital gains tax, and estate and gift taxes, also apply to Rhode Island residents as they do to all U.S. citizens and residents.

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Taxes

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Taxes

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