Again Arkansas is an outlier. Gov. Asa Hutchinson yesterday signed an income tax cut for the rich. It’s bracketed today by results of a national survey that shows broad national support — including among Republicans — for higher taxes for the wealthy. Here, we’re robbing public services to comfort the rich.
That is about all (though I have more to come from another commentator.)
But one more thing: Why won’t the Arkansas Democrat-Gazette mention, in its boilerplate recitation of the tax changes, that 73 percent of the tax cut is going to 1 percent of taxpayers, those making more than $456,000? It should also mention that the effect of this tax cut, 95 percent to those making more than $200,000, is a cumulative tax cut in dollars equal to that given 1 MILLION lower-income Arkansas taxpayers in previous skimpy tax cuts for the poor.
One example from that national survey on a higher marginal tax rate for the wealthy (almost double the top rate now) while Arkansas just gave the rich a 14 percent income tax cut: