Arkansans will owe the state fewer tax dollars this year, due to tax cuts that have just gone into effect. The General Assembly met for some special sessions and implemented cuts, both to personal and corporate income taxes. Bruno Showers with Arkansas Advocates for Children and Families says his group partnered with the nonpartisan Institute on Taxation and Economic Policy to analyze the tax cuts and found they’ll mostly benefit people with higher incomes. He notes the personal tax rate was cut from five-and-a-half percent to four-point-nine percent – which is where the state will lose the most money
Showers notes the analysis also found the corporate tax cut – from five-point-nine percent to five-point-three percent – will be passed on to shareholders who may not even live in Arkansas. He adds nearly 80 percent of the corporate income-tax cut will benefit the top 20 percent of earners once it’s fully phased in.
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