Arkansas Tax Cuts and Legislative Actions

SOURCE www.foxnews.com
Arkansas Gov. Sarah Huckabee Sanders signed legislation cutting property and income taxes in Arkansas, following a special session where hunting and fishing programs were also approved. The state is moving in a positive direction with responsible tax cuts.

Key Points

  • Arkansas Gov. Sarah Huckabee Sanders signed tax cut legislation
  • State's top individual tax rate reduced from 4.4% to 3.9%
  • Top corporate rate reduced from 4.8% to 4.3%
  • Surplus of $708 million forecasted for the fiscal year
  • Opponents argue benefits are skewed towards higher earners

Pros

  • Reduction in state's top individual and corporate income tax rates
  • Increase in homestead property tax credit
  • Creation of a reserve fund for economic downturns

Cons

  • Criticism that benefits are skewed towards higher earners
  • Opposition to underfunding programs for maternal mortality and disabilities