Hawaii Enacts New Millionaire Tax Bracket to Address Budget Deficit
This legislation establishes a new 13% income tax bracket for households earning over $1 million annually, while simultaneously ensuring that personal income tax cuts remain in place for approximately 90% of Hawaii families. The compromise tax package, approved on the final day of the legislative session, addresses a budget gap after months of negotiation. Lawmakers prioritized maintaining tax relief for the majority of residents.
John Q. Hosedrinker