Gary Hooser shared Bart Dames note. 2 hrs · Yes...even with the Hawaii State Legislatures massive Democratic Majority...our State is still poised to cut taxes for the wealthiest of the wealthy: Stop the Taxcut on the rich scheduled for Dec 31, 2015. The effective tax rate in Hawaii drops as your income rises. Low-income earners pay a higher percent if their income in taxes than middle income. And the rich pay the lowest percentage of all. There is an exception to this. In 2009, the tax code was modified to give a small tax hike on high end incomes. They still pay a lower rate than most residents, but higher than they had previously paid. This small tax hike is scheduled to expire at the end of 2015, unless the legislature votes, this session, to delete the sunset provision. If the legislature retains the current tax rate for high income earners, it will more than pay for the modest increase in the food tax credit and for renters (see Bart Dames comments below). With money left over for our schools and social programs.
Posted on: Sun, 04 Jan 2015 05:11:32 +0000
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