Rich count their blessings in tax cut legislation | Arkansas Blog

Rich count their blessings in tax cut legislation


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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