SB1649

Hawaii SB1649 proposes a new income tax bracket for high earners to address income inequality.

Hawaii SB1649 aims to increase income tax rates for the highest earners to address income inequality. The bill establishes a new tax bracket for incomes over $1 million, with rates ranging from 11% to 16%. This measure seeks to ensure that high-income households contribute a fair share of their income in taxes, generating revenue for public investments that benefit all income levels. The new tax rates would apply to taxable years beginning after December 31, 2029.