Ige takes from the rich

Gov. David Ige approved a new law Monday that increases income tax rates for the state’s wealthiest residents while also creating a new state earned income tax credit to ease the state tax burden on some of Hawaii’s poorest working families.

In all, the state treasury will gain about $20 million to $40 million a year from the new law because the extra income tax on wealthier residents will bring in more money than the tax credits will cost the state in lost revenue, according to House Finance Chairwoman Sylvia Luke.