Hawaii SB349 proposes to tax capital gains at the same rate as ordinary income to generate revenue for government programs.

Hawaii SB349 seeks to amend the state's tax laws to impose a capital gains tax at the same rate as ordinary income. This change aims to address the disparity where the current capital gains tax rate of 7.25% is lower than the income tax rate paid by many residents. The bill estimates that this change could generate significant revenue, rising from $132 million in the first year to $187 million within six years.

Hawaii SB349 proposes to tax capital gains at the same rate as ordinary income to generate revenue for government programs.

Hawaii SB349 seeks to amend the state's tax laws to impose a capital gains tax at the same rate as ordinary income. This change aims to address the disparity where the current capital gains tax rate of 7.25% is lower than the income tax rate paid by many residents. The bill estimates that this change could generate significant revenue, rising from $132 million in the first year to $187 million within six years.