North Shore NewsAs the 2024 session of the Hawaii State House unfolds, we find ourselves at a crossroads, facing a myriad of pressing issues that demand immediate attention and decisive action. Among the key priorities on the legislative agenda are several bills aimed at addressing critical social challenges and generating much-needed revenue to fund essential services.
There are some unwise measures moving over to the Senate from the House, as we approach crossover. HB2652 would extend the estate tax marital deduction to other family members; HB2653 would more than double the size of estates that can be passed down tax-free. These bills would give tax breaks to the top 0.2 of income earners in Hawai‘i. I voted “no” on these bills because I believe that we should be making fiscally responsible choices that result in more revenue for the state and enhanced access to services.
Rather than widening the gap between the wealthy and the poor, we should use tax policy to create more equity and justice through vehicles like the capital gains tax and conveyance tax, addressed in HB1660 and HB 2364. The first would slightly increase the capital gains tax rate so that it is on par with ordinary income. The second is one of the most powerful powers the state has to check property speculation in the islands. I am in strong support of these measures because they would increase funding by making the wealthiest (many of whom do not live here but benefit from property investment) pay their fair share on passive income and real estate transactions. It is always a good time to tax the rich, but it is especially so now that we may be facing steeper budget shortfalls in light of the need for relief for survivors of the Maui wildfires.
These measures will generate significant revenue streams that can be directed towards funding vital programs and services, including those aimed at addressing the mental health crisis. With mental health issues on the rise and existing services stretched thin, the need for sustainable funding mechanisms for the work envisioned in HB 1831, aimed directly at supporting mental health support for our most vulnerable, has never been more urgent. Another measure, HB 1834, seeks to tackle the crisis of houselessness that plagues our communities. By allocating resources towards housing assistance programs and supportive services, this bill aims to provide much-needed relief to those experiencing homelessness while laying the groundwork for long-term solutions. As we grapple with the human toll of houselessness, it is imperative that legislators prioritize initiatives like HB 1834 that offer tangible support and assistance to our most vulnerable residents. Finally, HB 1776 seeks to provide support to family members who selflessly devote themselves to caring for dependents in need. Whether it be children, elderly parents, or individuals with disabilities, caregivers play a vital role in our society, often at great personal sacrifice. HB 1776 recognizes the invaluable contributions of caregivers and seeks to alleviate some of the burdens they face by offering financial assistance and resources to support thei efforts.
As we debate the merits of these critical bills must remain mindful of the broader implications for Hawaii’s future. The decisions made in the hearing rooms and on the floor of the State House will not only shape the trajectory of our state but also reflect our values as a community. By prioritizing measures like those discussed above, we have the opportunity to enact meaningful change and create a more just and equitable society for all who call Hawaii home. In the face of daunting challenges and uncertain times, the 2024 session of the Hawaii State House offers a beacon of hope and possibility. As we navigate the legislative seas, please hold us accountable to our promises and principles, ensuring that we prioritize the needs of our communities and work towards a future defined by compassion, resilience, and opportunity for all.