Post by Logan on Dec 13, 2016 2:31:24 GMT -6
Gov. Asa Hutchinson says he will outline his plan for a $50 million income tax cut at a news conference Tuesday.
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Revenue growth this year hasn't been robust and Hutchinson has already committed expected general revenue growth to highway construction. He counts, too, on continuation of federal Obamacare money at the current level — a windfall that paid for the state's last couple of tax cuts. Republicans promised to kill this thing if they took control of the White House and Congress, didn't they?
Despite all this uncertainly, there are Republicans such as Sen. Bart Hester who's proposed still more — a $100 million income tax cut. So Hutchinson wants to drive the discussion.
One big question tomorrow is whether the Hutchinson plan will include something for working poor. The last income tax cut omitted any cut in their taxes, under the head-scratching theory that they somehow get plenty of government assistance already. There have been indications that Hutchinson might even get on board a plan originally pushed by Democrats for an earned income tax credit as a means to provide a tax break to working poor. It has proven value as an economic stimulus because it's instantly turned around in commercial transactions, many taxable.
Read more: www.arktimes.com/ArkansasBlog/archives/2016/12/12/governor-plans-talk-on-50-million-tax-cut
-snip-
Revenue growth this year hasn't been robust and Hutchinson has already committed expected general revenue growth to highway construction. He counts, too, on continuation of federal Obamacare money at the current level — a windfall that paid for the state's last couple of tax cuts. Republicans promised to kill this thing if they took control of the White House and Congress, didn't they?
Despite all this uncertainly, there are Republicans such as Sen. Bart Hester who's proposed still more — a $100 million income tax cut. So Hutchinson wants to drive the discussion.
One big question tomorrow is whether the Hutchinson plan will include something for working poor. The last income tax cut omitted any cut in their taxes, under the head-scratching theory that they somehow get plenty of government assistance already. There have been indications that Hutchinson might even get on board a plan originally pushed by Democrats for an earned income tax credit as a means to provide a tax break to working poor. It has proven value as an economic stimulus because it's instantly turned around in commercial transactions, many taxable.
Read more: www.arktimes.com/ArkansasBlog/archives/2016/12/12/governor-plans-talk-on-50-million-tax-cut