Breadcrumbs
Home / Hawaii Adopts Obama Style Tax Hike on RichHawaii Adopts Obama Style Tax Hike on Rich
Last Updated on Monday, 11 July 2011 01:39 Written by rslcpol Monday, 11 July 2011 01:35
From Forbes:
Despite all the talk about curbing tax breaks for corporate jets and big oil companies like Exxon Mobil and Chevron, the largest dollars in President Barack Obama’s proposed deficit-reducing tax hikes ($293 billion over ten years) come from limiting the value of itemized tax deductions claimed by the better off.
While it’s gotten little notice on the mainland, Obama’s birth state has just raised its taxes on the well off in much the same way. Last month, Democratic Governor Neil Abercrombie signed S.B. 570, making Hawaii the first state in the nation to place a dollar cap on the itemized deductions that better off taxpayers can claim.