Rich count their blessings in tax cut legislation | Arkansas Blog

Rich count their blessings in tax cut legislation

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Add Arkansas Advocates for Children and Families to the chorus of criticism of the disproportionate benefits for the wealthy in the $1.5 trillion tax cut to receive final passage today. It also offers some specifics on Arkansas impact.

Rich Huddleston, director of the group, said in part:

The plan will end health care for millions of Americans, raise premiums, and increase deficits by $1.5 trillion, which will in turn be used to justify dangerous federal budget cuts that threaten the well-being of Arkansas’s working families. The tax cuts in the bill are tilted dramatically in favor of the richest Arkansans at the expense of Arkansas’s low- and middle-income families. In fact, under the GOP Tax Bill, in 2019 the wealthiest 1 percent of Arkansans — those making more than $467,000 a year — will receive 32 percent of the tax cuts. In contrast, the bottom 60 percent of Arkansas taxpayers — those making less than $57,000 a year — will receive a paltry 17 percent of the benefits. It only gets worse in the future, as low- and middle-income families will eventually have to pay more in taxes after 2025, when certain provisions in the bill expire.


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