Gov. Asa Hutchinson
issued a news release today supporting "tax reform efforts in Washington."
He didn't express a preference for the competing House and Senate proposals, which have some significant differences. Nor did he mention the studies, from congressional and independent sources, that say
many low- and middle-income families may actually see tax increases over time, while the bulk of financial benefits flow to the ultra-wealthy. Nor did he talk about some specific proposals with impact
in Arkansas — an end to medical expense deductions, the end of the historic tax credit, the end of deductibility of state income tax and many more specific items that hit across the spectrum of taxpayers.
he focused on the benefits to business — with a dramatically lower corporate tax rate and protection of lower rates for "pass-through" businesses.
“If we lower the corporate tax rate, billions of dollars will return from overseas and will give Arkansas an opportunity to continue our success in attracting new industry and investment.
“In addition, the Tax Foundation found that the individual tax cuts will result in an additional $2,020 for middle-class families in Arkansas.
“I know there are improvements and changes yet to be made, but it is important that Congress continue its progress toward this much-needed reform."
An independent congressional committee say
s the Senate version is more likely to deliver tax cuts to low- and middle-income taxpayers than the House version. Both bills increase the deficit significantly, which, under existing rules, means either most overcome a Senate filibuster for passage.
PS: Think Progress writes that
, no matter how you slice them, Republican tax proposals are a boon to wealthy, not much benefit for middle