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Committee hears mixed testimony on bill to raise Hawaii capital-gains rate to 8%
Summary
Supporters said raising the capital-gains rate would target high earners and increase revenue; opponents cautioned impacts on middle-income investors and seniors. The committee heard testimony from advocacy groups, tax experts and industry organizations.
Senators took testimony and discussed policy and equity implications of a proposal to raise Hawaii’s top capital-gains rate and to consider taxing capital gains at the same rate as ordinary income.
Witnesses in support included Melvin Thomas of Hawaii Appleseed, who said roughly 80% of long-term capital gains accrue to taxpayers earning over $400,000 and argued the existing preferential treatment benefits wealthy taxpayers.…
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