A ‘wealth asset tax’ on Hawaiʻi’s richest residents advances in the legislature

Will Caron, who testified as an individual, argued that lawmakers should approve the bill because “it’s time for the wealthiest among us to pay their fair share of taxes.”

“When the super rich take unfair advantage of the many loopholes in the tax code, the rest of us are forced to pick up the tab,” Caron said in written testimony. “At the same time our public infrastructure, our schools, our natural resources and our housing ecosystem have all been chronically under-funded for years.”

Rhoads said in an interview that the “incredible wealth inequality” in the United States today is hurting the economy “because the people at the top of the scale just don’t spend all their money. And you know, the economy does better if you have the wealth spread out more.”

The measure was introduced by Rhoads and co-sponsored by Sen. Stanley Chang.