Gov. Hutchinson proposes reduction in state’s top income tax bracket
Little Rock, Ark. (Talk Business & Politics) Gov. Asa Hutchinson called Monday (Feb. 12) for a reduction of the state’s top income tax bracket from 6.9% to 6%. The proposal, made during his address to the Arkansas General Assembly to begin the fiscal session, did not include an estimated reduction in state revenue, but members of the Joint Budget Committee said it would be roughly $180 million if done all at once.
The governor said the fiscal session is simple in focus, but “the opportunities are significant” in terms of addressing a range of issues that include the growing opioid crisis, support for rural broadband, and the top rate tax cut.
Hutchinson, who faces primary opponent Jan Morgan, who frequently alleges Hutchinson is not a conservative and has expanded government, used a significant portion of his speech outlining tax cuts, efforts to reduce regulations, and reduction in government spending since his election in 2014.
“As I mentioned earlier, we’ve cut the income tax in our state by more than $150 million. In 2015, we cut $100 million from the income tax for middle-class Arkansans. In 2017 we again cut taxes, focusing on Arkansans with lower incomes, by cutting an additional $50 million. The 2019 General Session will be no different,” Hutchinson noted in the text of his speech.
He said the income tax cut “is the necessary next step in lowering our income tax, and it will make our state more competitive with our surrounding states.”
To read about other issues that Governor Asa Hutchinson addressed, click here from KATV content partner Talk Business & Politics