Larry Ellison is a Greedy Douchebag

[Punatang]

And the D-baggery hits just keep coming.

So if you or I little people sell a house in Hawaii, we have to pay conveyance tax.  If you sell a corporation that owns land, you do not pay conveyance tax...

Swell.

https://www.civilbeat.org/?p=1773647

The result is a system where local buyers pay the conveyance tax, while large, often out-of-state investors can legally structure around it.

A prime example is Larry Ellison’s Lanai Island Holding’s acquisition of Castle & Cooke Resorts and related subsidiaries from David Murdock for more than $300 million.

The conveyance tax loophole is well illustrated by Larry Ellison’s business transactions on Lānaʻi, seen from Kāʻanapali Beach in Lahaina. (Matthew Leonard/Civil Beat/2023)

By transferring ownership of the companies that held the land, rather than transferring the land titles directly, the transaction bypassed the Hawai‘i conveyance tax entirely. This transaction cost the state over $5 million in conveyance revenue.

[HiloJulie]

I'm shocked Tang! Truly shocked!

What about the all too often heard cry that higher taxes on the rich could discourage investment, job creation, and economic growth? "Trickle-down economics?"

Interesting to note that when HB1918 was in its various forms in the House, each and every "NO" vote was from Hawaii republicans. Well, actually on one vote, 1 Democrat voted NO.

But unfortunately, and at any event, it went to the Senate Ways and Means where it was tossed on the mountain of worthwhile proposed bills that seemingly always end up going to die a slow painful death.