Hawaii SB1649 proposes new income tax brackets for high-income earners starting in 2030.

Hawaii SB1649 introduces new income tax brackets for high-income earners, aiming to address income inequality. The bill establishes a new tax bracket for taxable years beginning after December 31, 2029. For incomes over $1,900,000, the tax rate is set at $147,246.00 plus 16.00% of the excess over $1,900,000. The bill also adjusts tax rates for heads of households and unmarried or married individuals filing separately, with rates varying based on income levels. The intent is to ensure higher earners contribute a fairer share of taxes, funding public investments that benefit all income levels.

Hawaii SB1649 proposes new income tax brackets for high-income earners starting in 2030.

Hawaii SB1649 introduces new income tax brackets for high-income earners, aiming to address income inequality. The bill establishes a new tax bracket for taxable years beginning after December 31, 2029. For incomes over $1,900,000, the tax rate is set at $147,246.00 plus 16.00% of the excess over $1,900,000. The bill also adjusts tax rates for heads of households and unmarried or married individuals filing separately, with rates varying based on income levels. The intent is to ensure higher earners contribute a fairer share of taxes, funding public investments that benefit all income levels.