Title U.S. lawmakers propose $10k-an.
jewelry tax, lawmakers say source ABC News title Congress to consider bill that would raise $10K-an.-An.
jewelry stamp tax article A bipartisan group of lawmakers from both parties introduced a measure Monday that would increase the federal government’s stamp tax on foreign goods by $10.1 million, as part of efforts to make Hawaii a “Made in America” state.
The measure is being promoted by Democratic Reps.
Brian Mast and Bruce Daines, who are also Hawaii natives.
The proposed $10 million increase, which would go into effect in 2019, would be in addition to an existing 10 percent tax on the sale of Hawaiian-made goods, including jewelry and clothing.
The proposed increase would apply to goods that are sold in Hawaii, including items made for sale in the state, such as wedding and event decorations, souvenirs, and collectibles.
The proposal comes on the heels of a $2.3 million tax on Chinese imports from December 2017, a hike that was proposed last month.
That measure also included a proposed $2 million tax hike on Chinese goods.
Hawaii also has a $1.9 billion backlog of tax refunds and a $8.4 billion backlog in unpaid state income taxes.
The state also faces a $3 billion deficit, which is expected to continue to grow until 2040.
The measure also would establish a Hawaii State Treasurer, which currently serves as the state’s economic development director.
Under the proposed law, the Treasurer would be responsible for collecting and paying tax, including the sales tax and the stamp tax.