Hawaiʻi bill looks to increase capital gains taxes

“The capital gains tax break is a break specifically for wealthy individuals.,” Rep. Jeanne Kapela (D) said. “It is for people who are making over half a million dollars a year and using that surplus money to invest in more art, to invest in more real estate, to take away the access to housing and drive up our housing costs.”

Rep. Kapela said the increased rate could generate $90 to $130 million each year in tax revenue for the state.

“I would love to see that pay for a child tax credit, which would cost our state close to about $80 million a year to make sure that similar to what the federal government did and joining the 13 other states who have already done this, ensuring that families are getting that monthly payment to help pay for whatever it may be, whether it’s extracurricular programs for your kids, your football, ballet or dance lessons. Or, it’s paying for food and electricity.”