Republican tax plan continues to draw questions, criticism | Arkansas Blog

Friday, November 3, 2017

Republican tax plan continues to draw questions, criticism

Posted By on Fri, Nov 3, 2017 at 7:22 AM

Is the Republican tax plan a true boon to others beside the wealthy, who'd reap enormous savings?

Further analysis needs to be done.

Here's one analysis that questions benefits to the middle class. It would raise taxes on 13 million filers making less than $100,000, says one review.

Closer to home, Arkansas Advocates for Children and Families say the plan isn't a winner for Arkansas people.

The $1.5 trillion GOP tax-cut plan released today contains most of the same flaws as earlier versions of their plan. It will do little to improve, and could hurt, the well-being of many Arkansas children and families.

Our top takeaways include:

The plan dramatically cuts taxes for the wealthy and our most profitable corporations while leaving out, or doing very little, to help struggling Arkansas families.

It would significantly increase our nation’s deficits. If recent budget disasters have taught us anything – the Kansas debacle comes to mind – it’s that tax cuts targeting the wealthy do not pay for themselves, do little to promote economic growth, and would eventually have to be paid for through deficit spending and budget cuts. Arkansans would likely have to foot the bill for these deficits through future cuts to Medicare, Medicaid, and investments that help our economy grow and help families meet their basic needs and succeed.

Arkansas families would lose again at the state level because many provisions in the state tax code are tied directly to the federal one. Also, a large part of the state budget is federal revenue, so if it’s reduced, we would likely see tighter state budgets and the tough decisions that come with them.

Every analysis I've seen is sure the plan as outlined increases the federal deficit significantly. Deficits used to matter to the GOP.

Tags: ,

Sign up for the Daily Update email

Comments (5)

Showing 1-5 of 5

Add a comment

Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Max Brantley

  • Where's the outrage?

    Am I the only person, apart from federal prosecutors, outraged about the criminal enterprise that inveigled itself into a privileged position as an Arkansas taxpayer-financed human services provider to the tune, today, of $43 million a year?
    • Jun 21, 2018
  • Where's the outrage?

    • Jun 21, 2018
  • Rutledge opponent hits her socializing with corporate interests

    Mike Lee, the Democratic candidate for attorney general, has criticized Attorney General Leslie Rutledge over recent reports of her participation at private meetings where corporate interests make big contributions to a political group she heads for access to state legal officers.
    • Jun 21, 2018
  • More »

Readers also liked…

  • Women's March planned in Arkansas to mark Trump inauguration

    Speaking of Donald Trump and in answer to a reader's question: There will be a women's march in Arkansas on Jan. 21, the day after inauguration, as well as the national march planned in Washington.
    • Dec 30, 2016
  • Arkansas legislature rejects bipartisan effort to study race relations

    On Friday, the Arkansas Legislative Council soundly rejected a bipartisan effort by two senators to to create a temporary legislative subcommittee to study race relations in the state.
    • Sep 15, 2017
  • Trump immigration protest at LR: Quick and fierce

    It was not even 24 hours ago that Sophia Said, director of the Interfaith Center; City Director Kathy Webb and others decided to organize a protest today of Donald Trump's executive order that has left people from Muslim countries languishing in airports or unable to come to the US at all — people with visas, green cards,a  post-doc graduate student en route to Harvard, Google employees abroad, families. I got the message today before noon; others didn't find out until it was going on. But however folks found out, they turned out in huge numbers, more than thousand men, women and children, on the grounds of the state Capitol to listen to speakers from all faiths and many countries.
    • Jan 29, 2017

Most Viewed

Most Recent Comments



© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation