REP. HANABUSA HIGHLIGHTS NEW REPORT: 123,000 HAWAII FAMILIES FACE HIGHER TAXES UNDER THE PROPOSED GOP TAX PLAN

Source: Colleen Hanabusa, (D-HI, 1st)

Washington, D.C. - October 26, 2017 (The Ponder News) -- Rep. Hanabusa shared a new report detailing the impact of the Ryan-McConnell tax plan on families across Hawaii. While 80 percent of the tax benefits in the GOP plan go to the wealthiest 1 percent alone, 123,000 hard-working Hawaii families would pay higher taxes.

According to the report, “199,685 households in Hawaii deduct state and local taxes, with an average deduction of $9,905.” The Ryan-McConnell tax plan eliminates this deduction.

“It concerns me that Republicans are pushing a tax plan that favors the wealthiest in our society at the expense of working families and individuals who live modestly in Hawaii and strive to save for retirement,” said Rep. Hanabusa. “The GOP is essentially asking middle class Hawaii families to pay more, while borrowing trillions from our children in order to benefit the wealthiest among us.”

The state-by-state report finds that under the Ryan-McConnell framework:

123,000 Hawaii households will pay higher taxes;

The average nationwide tax increase for families earning up to $86,100 would be $794;

199,685 Hawaii households will lose their State and Local Tax Deduction, with an average deduction of $9,905;

The mortgage interest payments deduction, claimed by 141,980 Hawaii households would become useless for many families unless their home was worth more than $801,000 – more than 1.5 times the median home value in Hawaii of $604,800.

The report also documents that the GOP tax plan “eliminates the personal exemption, which deducts $4,050 for each taxpayer and dependent on a return from taxable income. In Hawaii, 384,170 dependent exemptions were claimed in 2015.”

The report was compiled by the Senate Democratic Policy and Communications Committee.