Let them eat cake open line | Arkansas Blog

Saturday, April 4, 2015

Let them eat cake open line

Posted By on Sat, Apr 4, 2015 at 4:05 PM

HE'S IN THE MONEY: It was a good year for Arkansas's wealthiest tycoons at the legislative session.
  • HE'S IN THE MONEY: It was a good year for Arkansas's wealthiest tycoons at the legislative session.
I had my first morning walk today since returning from vacation and — shazam — the redbuds, dogwoods, greening grass told me spring has arrived.

But I can't end on that happy note.

A further note on the unfairness of the $120 million tax cuts approved by the legislature — tax cuts that benefitted everyone but the lowest income Arkansas workers. They get no relief from the $100 million plus in taxes they pay.

But  I've received some further figures on the manifest unfairness of adding a capital gains tax cut for the wealthy on top of the "middle income" tax cut (which can benefit working couples making as much as $150,000).

The Republicans like to say everyone benefits from a capital gains tax cut. Balderdash.

Only 10 percent of Arkansas taxpayers report capital gains.

But get this, straight from the Department of Finance and Administration:

About 1,300 taxpayers earn more than $500,000 per year in income. That number represents about one tenth of 1% of the tax paying population. Those 1,300 taxpayers claim between 40% and 50% of the benefit of of the capital gains exemption each year.

Those lucky ducks got a tax break. The 150,000 working poor taxpayers (who probably represent families of 300,000 or more people) got ZIP.

Still more staggering is the total pass given on capital gains earned in excess of $10 million. You think that's imaginary

Some 10 to 12 lucky duck Arkansans collect more than $10 million in capital gains each year. Their tax bill on that excess? ZERO. The working poor get not a dime off their $100 million in taxes on sweat labor.

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