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re: Hawaii Passes New Millionaire Tax Bracket to Close Budget Gap
Posted on 5/12/26 at 10:53 am to Major Dutch Schaefer
Posted on 5/12/26 at 10:53 am to Major Dutch Schaefer
I've lived in Hawaii it's definitely not all that. The beaches in South Carolina make Waikiki look pitiful
0
Posted on 5/12/26 at 11:05 am to IamNotaRobot
quote:
The wealth tax on California was a 5% tax on all assets for individuals worth over $1 billion. Not the same as Hawaii increased income tax for high earners.
So the Exodus from Hawaii will even be worse than from California.
Posted on 5/12/26 at 11:06 am to Major Dutch Schaefer
quote:
Hawaii Passes New Millionaire Tax Bracket to Close Budget Gap
I’ve heard that it’s really expensive to live in Hawaii. Do they have inflated salaries like they do in Ca? If so, this could hit a bunch of people
Posted on 5/12/26 at 11:11 am to Major Dutch Schaefer
The next headline should be: "Hawaiian Millionaires Take Their Tax Revenue to Florida and Texas. Who could have ever foreseen this?!"
Posted on 5/12/26 at 11:31 am to UtahCajun
quote:
And just like that, Hawaii loses it millionaires.
They will keep their houses there. They will just find a way to source their income to a red state. It isn't too difficult as long as you generally make sure you are not in Hawaii 183 days a particular year. Snowbirds have had this down to a science for decades.
Posted on 5/12/26 at 11:33 am to Major Dutch Schaefer
Florida economy getting ready to boom more.
Posted on 5/12/26 at 11:42 am to Major Dutch Schaefer
The Democrats want to portray themselves as Robinhood, but they are really communists by another name.
Posted on 5/12/26 at 11:46 am to Major Dutch Schaefer
Did they ever get the neighborhood built back from the fire?
Posted on 5/12/26 at 12:00 pm to Major Dutch Schaefer
quote:Good!
establishes a new 13% income tax bracket for households earning more than $1 million per year
Let the laboratory of ideas freely play out.
Someone's going to be surprised.
Posted on 5/12/26 at 12:15 pm to IamNotaRobot
quote:
The wealth tax on California was a 5% tax on all assets for individuals worth over $1 billion. Not the same as Hawaii increased income tax for high earners.
I dont think people realize its on the "assets". For a normal person, if they taxed your assets, you would end up selling your home to pay the taxes on the equity you have in it. Its absurd.
In addition its retroactive to before the bill is even voted on, which would never pass the supreme court.
But these people have moved and they are taking their businesses as well and they aint coming back. Once you "threaten" its only a matter of time before you actually implement it.
This is what northern Virginia did to the farmers. Paid off a few good ole boys in a few counties on the board and they voted to deem farm land residental and tax the poor farmers forcing them to sell the land to pay the tax.
Posted on 5/12/26 at 12:18 pm to Free888
quote:
Oprah’s not going to like this
It's what she gets for burning down all of those homes.
Posted on 5/12/26 at 12:20 pm to Snipe
Maybe not, from the perspective of confiscatory tax collectors, the income tax increase is a dumber avenue to take. Sure they might rope in folks with big W2 income, but most of the ultra wealthy and even 1099 folks probably have very little if any personal income. All of their income and expenses are routed through corporations, trusts, and stock/bonds. Very little of that is likely based in an idiotic blue state like Hawaii.
This post was edited on 5/12/26 at 12:21 pm
Posted on 5/12/26 at 12:21 pm to dickkellog
quote:
they were already paying 11%
So it's people making over a million a year paying 13% instead of 11% only on the income over 1 million?
I don't think this is going to cause the mass exodus that people expect. And on the flip side I don't see it generating much additional revenue either.
Posted on 5/12/26 at 12:59 pm to dek81572
quote:
Hell, Oprah lives in Maui and is worth 3.4 billion, just ask her for a billion, she probably be more than happy to contribute
Reminds me of the last Democrat National Convention.
We have Bernie...the multimillionaire on stage...ranting for 20 minutes about how billionaires should not exist to (I'm sure) massive applause.
Then, a few moments later....
"Let's welcome JB Pritzker!" and then "Let's welcome OPRAH WINFREY!!"
Again, massive applause.
Posted on 5/12/26 at 1:00 pm to LStU
quote:
I don't think a 2% tax increase (it was previously 11%) will compel Zuck and Ellison to move. They'll continue to find ways to limit their taxable income.
This is a tax on anyone making more than a million.
A 13% state income tax is WILD. If you're only making a million a year, that's an additional $20,000 in cash...POOF...and it only goes up from there.
ETA: For reference, the People's Republic of Illinois has a flat state income tax of ~5%.
This post was edited on 5/12/26 at 1:07 pm
Posted on 5/12/26 at 1:06 pm to Chucktown_Badger
quote:
This is a tax on anyone making more than a million.
A 13% state income tax is WILD. If you're only making a million a year, that's an additional $20,000 in cash...POOF...and it only goes up from there.
If you’re only making a million, you wouldn’t pay anything additional. You’d still pay the 11% on income over $750,000.
This post was edited on 5/12/26 at 1:07 pm
Posted on 5/12/26 at 1:08 pm to Major Dutch Schaefer
How 'bout we pass a rich Politician Tax, where any scumbag politician with a million dollars or more should pay 50% to the IRS. You think the Demwits would go for that? I know, Nancy would be against it!
Posted on 5/12/26 at 1:09 pm to dek81572
quote:Oprah likely has amazing estate attorneys and financial analyst and accountants that gave her entire fortune in a trust and her "income" is what she gets loans for against the trust estate.
Hell, Oprah lives in Maui and is worth 3.4 billion, just ask her for a billion, she probably be more than happy to contribute.
Posted on 5/12/26 at 1:10 pm to Mo Jeaux
quote:
If you’re only making a million, you wouldn’t pay anything additional. You’d still pay the 11% on income over $750,000.
You're correct, I just looked it up, but looks like the bracket below it starts at $650k at least for a joint return.
The rates that these states are trying to "normalize" are nuts. "It's just 2%"...a few years later "it's just 1%"...a few years later "it's just 2% more"...
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