Income tax update:

I reported recently that RI has eliminated itemized deductions in favor of a standard deduction which directly impacts nursing home residents by disallowing the deduction for nursing home cost.

To add insult to this issue, Rhode Island has also set an arbitrary income limit of $175,000. After 175,000 you begin to lose your standard deduction and your exemption deductions effectively taxing 100% of your income.

It’s time to move.