Hawaii’s Millionaire Tax Explained | Honolulu News

Hawaii’s new “millionaire tax” raises the top income rate to 13% starting 2027, targeting joint filers earning over $1 million — bringing it close to California’s 13.3%. Designed to offset lost revenue from past cuts for lower- and middle-income families, the law also freezes tax breaks for high earners in 2027 and 2029 while reducing taxes for the lowest earners. Experts say wealthy residents aren’t fleeing en masse, as relocation decisions hinge on more than taxes — and similar taxes elsewhere have often generated more revenue than expected. Overall, the changes are projected to boost state revenue by over $86 million in FY2028, helping balance the budget while keeping most residents’ taxes lower. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/c1c31e84c4cd60b5