Here come the tax cuts for the rich | Arkansas Blog

Here come the tax cuts for the rich



Rep. Charlie Collins image
Rep. Charlie Collins filled two income tax cut bills today. He'll call his approach "equitable," but unsurprisingly it's a massive giveaway to the rich. His two bills, one of which goes into effect less incrementally, accomplish the same goal: 1. They make Arkansas's woefully outdated marginal tax brackets more progressive by raising all the bracket thresholds and lowering one rate at the low-end. 2. And, more importantly to the state's bottom line, they slash the highest rate.

Here's HB1585 (the more agressive one) and a simple spreadsheet breakdown I made, and here's HB1586 and a spreadsheet.

To give you a sense of the cuts, under HB1585, a person making $20,000 would pay $166 less in state income tax next year. A person making $200,000 would pay $1,194 less.

Can't wait to hear how this gets paid for....

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