Tax hike this year? What’s next for Hawaii?
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Watching proposed tax increases make their way through the Legislature has become an annual tradition in Hawaii, like Fourth of July fireworks or Christmas carols at the grocery store in mid-November.
There’s really no need to raise taxes right now , especially given the state’s $3 billion budget surplus. But rising revenues are no longer the primary reason for proposed tax increases. Instead, lawmakers want to use taxes for social change.
Some tax bills aim to discourage certain behaviors, such as using fossil fuels or drinking alcohol. Others are purely redistributive, such as a bill that would create a new income tax bracket and raise Hawaii’s marginal income tax to 19%, the highest in the country. Or a proposed » wealth tax » that would levy a 1% tax on the global net worth of individuals with assets over $20 million.
For example, a proposed massive increase in the state’s so-called carbon tax, designed to wean Hawaii consumers away from fossil fuels, «would predictably result in a very large increase in the [gas] pump.»
While this in itself is not bad news, not enough attention has been paid to how significantly higher fuel prices will impact consumers and businesses in the islands as a whole.
“If you think you’re having a hard time getting from one side of the island to the other right now,” he said, “think about whether you’re a truck driver. It’s up to you, and while you may not pay the bill, it’s going to be a hell of a bill.»
Or consider a proposed constitutional amendment that would allow the state to join counties in real estate taxation. Those who don’t own a home may think that higher property taxes aren’t their problem.
But, this will affect you whether you rent somewhere, own your own home, or live in an apartment. Essentially, the problem is that the cost of simply being somewhere will rise.
As for all the bills aimed at soaking up the «rich», raising the state income tax, corporate income tax or capital gains tax, if passed, would still affect the little guy.
“If you, for example, punish someone who has a business with a hundred employees, won’t they just stand there and pay the increased tax? The owner is going to pull more money out of the business to cover the tax, which leaves less for employees or higher prices for consumers, or both. … Or a business owner in Hawaii says, “I don’t need this, I’m going out of business. I’m going to jump on a plane and I’m out of here.» So businesses move, jobs move, and what happens to us? Hawaii is losing revenue . «
Even “sin” taxes, such as the proposed surcharge on alcoholic beverages, can have consequences that our legislators may not realize.
“When you … find a cause that relies on this sin tax—for example, using a tobacco tax to fund a medical school or a cancer center—the tax gets some people to quit smoking, but it means revenues go down. Then [proponents of] the causes supported by the sin tax panic, wondering if [the revenues] will disappear. Their response is to raise the tobacco tax even more.”
While supporters of these various tax proposals may be swayed by ideological considerations or the allure of Robin Hood, we must continually remind legislators that raising taxes has real economic consequences, such as discouraging investment and raising the cost of living.
That’s why we continue to urge the Legislature to reject tax increases and focus on policies that will make Hawaii more affordable, such as loosening regulations, removing barriers to housing, and lowering taxes and fees.
Taxes should not be used as a political tool to shape public behavior. All they do is make Hawaii more expensive and increase the number of people leaving our state for better opportunities on the mainland.
I created the portal Biography of Hawaii [Hawai’i Biography www.Hawaii.Bio] about laws and business in Hawaii in Russian, since a large number of people who have their own businesses live in Hawaii, and they are united by business in Hawaii and a common language (Russian /English), although many are from different countries, such as Ukraine, Belarus, Armenia, Kazakhstan, Lithuania, Latvia, Estonia, Uzbekistan, Russia.
According to officially published data, there are 291,484,482 people in the United States over the age of 5. Of these, 879,434 people speak Russian, 152,325 speak Ukrainian, 1,805 speak Belarusian. In the US, 237,840 people speak Armenian, 39,790 speak Lithuanian, 16,035 speak Latvian, 435 Americans speak Tajik at home, and 50 speak Ossetian at home. — a little more than two thousand.
In the United States, only 6,035 Estonians speak their native language.
This means that now more than 1,300,000 people in the United States speak and understand Russian, and they can read our portal and be interested in helping legislators defend the interests of residents and businesses of the United States and the state of Hawaii.
In Hawaii, 1,169 people said they spoke Russian at home, 85 Ukrainian, 45 Lithuanian, the same number Estonian and 50 Latvian. There are a total of 1,287,075 people living in Hawaii.
Nika Vidi
Hawaii Bio 2022
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