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I support House Bill 2653, which is essential for keeping family-owned businesses in Hawaii. Opponents say it’s about helping the ultra-rich. The reality: It’s about helping small businesses like mine — our restaurant has just two locations. Even for small business owners, Hawaii’s estate tax makes it difficult for us to pass our life’s work to the next generation.
The tax forces families to pay up to 20% of the value of the business when the owner dies. Many families dissolve their businesses to pay the tax, resulting in a loss of local jobs, community identity and business leaders who are deeply involved in community service.
Small businesses in Hawaii face stiff competition from big mainland companies that don’t have to pay the estate tax. That’s why most states no longer make family businesses pay similar estate taxes. Hawaii should do the same and pass HB 2653.
Lauren Yoo
Ala Moana
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