Saturday, December 9, 2023
Hawai'i Free Press

Current Articles | Archives

Thursday, January 3, 2013
Abercrombie: Make Tax Hikes Permanent
By News Release @ 11:14 PM :: 5970 Views :: Economy, Taxes


From Office of Governor, Jan 3, 2013

HONOLULU –Gov. Neil Abercrombie today responded that the Council of Revenues forecast revisions for FY14 and FY15 are consistent with the Abercrombie Administration analysis of the overall economy. The tourism economic sector is performing strongly, state unemployment rates continue to decline, and other sectors like construction are showing signs of improvement.

“I am pleased the Council of Revenues is taking a long-term view of our economic future, which coincides with our financial plan –working responsibly toward a stable fiscal growth,” Governor Abercrombie said. “The budget proposal that we submitted to the Legislature is mindful of the revisions of the Council. The rate of revenue growth that they continue to forecast in the current year makes sense and is still very strong.”

The Council also recognized this administration’s efforts to clarify the renewable energy tax credits, thereby preserving a stable and responsible level of state revenue growth.

The administration is concerned that revenue and economic growth are projected to flatten beginning FY16, which will affect future fiscal bienniums and budgets. We will need to address the potential impact of remaining federal issues regarding debt ceilings and sequestration among others.

“The administration believes that the impact could be significant and that’s why we are making plans and working closely with the Legislature,” said Kalbert Young, director of the Budget and Finance Department. “This would include possible cost-saving measures and revenue enhancements such as making permanent certain tax provisions that are due to sunset in 2015 and beyond.”

# # #

CB: Inouye Cliff Bigger than Fiscal Cliff? 

"The Inouye Cliff is actually going to be a greater impact I believe than even the federal cliff," said Kalbert Young, the state's chief budget officer.

Hawaii receives $2 billion — nearly one-fifth of its annual budget — in federal funding each year for state programs. That covers everything from watershed protection and highways, to rail and University of Hawaii telescopes.

But how much of that came to Hawaii because of Inouye is impossible to tell, Young said.

"The stuff Inouye was able to do is far beyond quantifying," he said. "It's like trying to figure out which way the wind is going to blow tomorrow. It's difficult."

"We literally have to live through it and you'll find out which organizations (are affected)," he said.

  *   *   *   *   *

SA: Abercrombie to use Inouye Death to Push Tax Hikes

Economists are concerned, however, about the financial impact of the state’s renewable energy tax credits, the debate over federal spending and debt reduction in Washington, D.C., and the potential loss of federal money because of the death of U.S. Sen. Daniel Inouye, D-Hawaii, the former chairman of the Senate Appropriations Committee.


TEXT "follow HawaiiFreePress" to 40404

Register to Vote


808 Silent Majority

Aloha Pregnancy Care Center


Antonio Gramsci Reading List

A Place for Women in Waipio

Back da Blue Hawaii

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii


Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

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



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

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

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


OHA Lies

Opt Out Today

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii


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

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

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii