A bill at the state Legislature, HB 2653, to create an estate tax break has support from many of Hawaiʻi's largest companies. Critics of the bill say it helps the rich and decreases tax revenue for social services.
House Speaker Scott Saiki introduced the measure. His opponent in this year's election, Kim Coco Iwamoto, opposes the measure.
Iwamoto spoke to The Conversation about the $53 million in revenue the state would lose from passing HB 2653. She also shared her perspective as an heir to Roberts Hawaii, her family's tour and transportation company.
Many of Hawaiʻi's largest companies ran a full-page ad in the Sunday paper supporting the bill.
"We see this kind of bill that basically proves that they're willing to, you know, cut services, and deny, you know, government subsidies for people who are slipping into homelessness," Iwamoto said, referring to state legislators. "We're going to cut all of these kinds of services, just so that we can give these families even more money."
Iwamoto said most of Hawaiʻi's small businesses are already protected by the current estate tax exemption threshold of about $5.5 million.
HB 2653 is expected to head to conference committee.
This interview aired on The Conversation on April 23, 2024. The Conversation airs weekdays at 11 a.m. on HPR-1.
