Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Wednesday, February 4, 2015
SB958: Repeal Corporate Income Tax
By Grassroot Institute @ 9:46 PM :: 5155 Views :: Small Business, Taxes

February 4, 2015

To: Senate Committee on Economic Development & Technology

Sen. Glenn Wakai, Chair

Sen. Sam Slom, Vice Chair

From: Grassroot Institute of HawaiiPresident Keli’i Akina, Ph.D.

RE: SB 958 – REPEAL OF CORPORATE INCOME TAX

Dear Chair and Committee Members:

The Grassroot Institute of Hawaii would like to offer its comments on SB 958, which seeks to encourage economic growth by repealing the corporate income tax.

One issue that we can agree on regardless of party is the need to encourage economic growth and investment in our state. As Hawaii’s leading free market think tank, the Grassroot Institute favors measures that rely less on government action than on reducing the economic disincentives and regulations that have hampered business, entrepreneurship, and investment in Hawaii. One such drag on economic growth can be found in the state’s corporate income tax.

Contrary to what some believe, the state’s corporate income tax is not a significant source of revenue for the state—in fact it comprises less than 2% of general fund revenues.

However, the impact that a repeal of the corporate income tax could have would go far beyond that comparatively minor investment in the economic future of the state. In fact, government projects intended to encourage investment and business innovation in Hawaii can easily spend far in excess of the amount contemplated by this simple tax cut, and without sending as powerful a message that Hawaii is open and friendly to business and entrepreneurship.

revenues

Moreover, it is a message that is badly needed. The past decade has seen the state’s businesses continue to lose ground to mainland and overseas competition. In order to reverse this trend it is necessary to take bold action and embrace policies that improve the state’s business climate.

losing ground

If we want to see economic growth, lower unemployment, and a healthy fiscal future for our state, we must do what we can to lower the cost of doing business in Hawaii. Initiatives that lower the taxes levied on businesses are one way to invest in a better economy by simply getting government out of the way.

Thank you for the opportunity to submit our comments.

Sincerely,

Keli’i Akina, Ph.D.

President, Grassroot Institute of Hawaii

SB958: Text, Status

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT