Rep. Charlie Collins filled two income tax cut bills today. He’ll call his approach “equitable,” but unsurprisingly it’s a massive giveaway to the rich. His two bills, one of which goes into effect less incrementally, accomplish the same goal: 1. They make Arkansas’s woefully outdated marginal tax brackets more progressive by raising all the bracket thresholds and lowering one rate at the low-end. 2. And, more importantly to the state’s bottom line, they slash the highest rate.
To give you a sense of the cuts, under HB1585, a person making $20,000 would pay $166 less in state income tax next year. A person making $200,000 would pay $1,194 less.
Can’t wait to hear how this gets paid for….