HONOLULU, July 12, 2012 – Continuing a pattern of ridiculous, slanderous and baseless attacks, the already discredited Pacific Resource Partnership has begun airing television ads alleging that while in office, Governor Cayetano “gave tax cuts to the rich.” Yet here are the REAL facts:
- The tax cuts were made in 1998 to reduce the top state personal income rates from 10% to 8.25% and was the single biggest personal income tax cut in the entire nation.
- If a couple filing jointly had an adjusted gross income (AGI) of $40,000 they were taxed at the top rate of 10%; if a person filing individually had an AGI of $20,000 he or she was taxed at 10%; these groups were not rich people but in fact predominantly the working class.
- Governor Cayetano’s efforts to revise the tax structure to put this group of taxpayers in lower tax brackets was rejected by the Legislature due to the immense pressure from public worker unions opposed to reform.
As Cayetano said in last night’s televised debate, labor unions and big money have dominated this town for a very long time. Pacific Resource Partnership has no credibility to discuss tax policy; it is turning into front for anonymous special interests who covet monies earned by the hardworking people.