Lower Taxes, Construction Jobs Aid Economy
Playing to perceived strengths of Hawai`i's economy, Lt. Governor Aiona pointed to employers who are benefiting from a lower unemployment tax rate and the millions of dollars in public-works projects that are either underway or planned in the near future.
The Lt. Governor talks with Mercer “Chubby” Vicens (left), vice president, Maui of A&B Properties, Inc. and Judge Boyd P. Mossman (Ret.), past president of the Maui Native Hawaiian Chamber of Commerce.
The Lt. Governor cited these and other examples before a crowd of about 300 people at the annual Maui Native Hawaiian Chamber of Commerce Business festival, held Nov. 20 at the Grand Wailea Resort.
The festival, designed to help the state’s estimated 8,000 Native Hawaiian firms succeed in business, comes as the Lingle-Aiona Administration aggressively pushes a five-point plan to stimulate Hawai‘i’s economy.
One step in the plan involves a tax break on unemployment insurance due to a low jobless rate. “So, over the next three years, businesses will save approximately $150 million as a result of this tax break,” Lt. Governor Aiona said.
By contrast, a sharp rise in joblessness is draining unemployment trust funds in many other states, forcing them to impose higher taxes on employers and reduce benefits to keep jobless funds solvent.
In Hawai‘i, another step in the five-point plan calls for the state to heavily invest in infrastructure and capital improvements. On Maui, for instance, those investments include $115 million for the Kahului Airport; an estimated $200 million for improvement to the Kahului Harbor; $95.6 million for the Kihei Upcountry Highway Project; and $20 million in improvements to the Hana Harbor.
“These projects are about more than alleviating traffic headaches and improving quality of life for Maui residents and businesspeople,” Lt. Governor Aiona said. “They also help improve Maui’s economy, allowing for faster commutes, travel by tourists and transport of goods.”
