Hutchinson touts tax cuts | Arkansas Blog

Monday, November 13, 2017

Hutchinson touts tax cuts

Posted By on Mon, Nov 13, 2017 at 2:39 PM

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.

Instead 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 says 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 class.



Tags: ,


Favorite

Comments (6)

Showing 1-6 of 6

Add a comment

 
Subscribe to this thread:
Showing 1-6 of 6

Add a comment

More by Max Brantley

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
  • 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
  • Tom Cotton's influence on Trump's new security chief

    U.S. Sen. Tom Cotton is getting credit for pushing President Donald Trump to select Lt. Gen. H.R. McMaster as his national security adviser, Politico reports.
    • Feb 21, 2017

Most Viewed

Most Recent Comments

Slideshows

 

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