Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Wednesday, October 29, 2014
Schatz Proposes 66% Tax Rate for Self-Employed
By News Release @ 8:47 PM :: 6317 Views :: Politicians, Taxes

IT HAS BEEN CALLED THE BIGGEST TAX INCREASE IN U.S. HISTORY

News Release from Cavasso Campaign 10/29/2014

HONOLULU - U.S. Senate Candidate Cam Cavasso is concerned that Democrat Senator Schatz wishes to raise federal taxes on the people of Hawaii.  Cam Cavasso said today "Hawaii residents currently have one of the largest tax burdens in the U.S. and the possibility of the burden being raised is all too real if the people elect Schatz.  Senator Schatz, however, doesn't just want to raise taxes, he wants to implement a tax that has been described as the largest tax increase in U.S. history subjecting 10.4 million workers to a $1.2 trillion tax increase.[1] The U.S. Congressional Research Service writes that a raising of the cap would increase the payroll tax for the average family by $571 per year, and payroll tax on the top earners would increase by $12,616 per annum.[2]  The people most vulnerable to Senator Schatz's plan are small business owners because they pay the employer's portion and the employee's portion, effectively a double tax for both social security and Medicare."

The Heritage Center for Data Analysis indicated that of the 10.4 million workers who would see their taxes rise by approximately $4,907 in the first year after the cap is removed 8.4 million are men [and 2 million are women], working on average 49 hours per week year round, 79% are married and 43% have children, 58% live in the suburbs and 22% in the cities, 7.2 million are in the private sector and 2.1 million are small business owners, and 10% or 816,000 are union members.[1]  1.2 million of the effected workers are teachers, nurses, truck drivers, computer analysts, construction workers, farmers, police officers and fireman, mechanics, repairers, and retail sales workers.[1]   Additionally, about two-thirds or 6.6 million work in six major industries, all of which we have here in Hawaii, being: manufacturing; finance,  insurance and real estate; other professional services; business and repair services; medical services; and the retail trade.[1]

Cam adds "We have also discovered that many people are misled to believe that Senator Schatz is also planning on removing the cap on the benefit.  This is simply not true.  The cap on the benefit received by taxpayers will still be there.  People will just pay more tax if the cap is removed but still be subjected to the benefit cap when they retire and get to collect on their benefit."

"My concern is that Senator Schatz's social security plan is a short-term Band-Aid fix for social security by proposing one of the biggest tax increases in U.S. history, while dangling the carrot with a CPI adjustment (with an unsubstantiated $65 increase in benefits).  It is just a plan to raise taxes to cover for the incompetent managing of trust funds and it is simply not the right solution.  When are politicians going to wise up?  You need to have a long term solution that is not going to result in a marginal tax rate that is the highest since the 1970s, and could be as high as 66% tax for some self-employed in Hawaii." says Cam Cavasso.

---30---

Related: S.567: Schatz Proposes Largest Tax Hike in US History

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