(TargetLiberty.org) – In Arkansas, a new legislation was signed by Gov. Sarah Huckabee Sanders which will cut down individual tax rates from 4.4 percent to 3.9 percent. Corporate rates are also going to be reduced by 0.5 percent dropping to 4.3 percent. Financial officials have noted that this reduction will cut costs by around $483 million in the first year and $322 million in the following year.
Over the past few years, Arkansas has enacted a number of income tax reductions, with Sanders having signed three tax cuts since she took office in 2023.
Legislation to maintain the state’s Game and Fish Commission, which is in charge of licenses for fishing and hunting, and oversees conservation efforts in the area has also been approved by the legislature.
On Wednesday, Sanders signed legislation that will reduce the property and income taxes for those in the state after the end of a special session. Sanders has signed the measure to cut the state’s top individual and corporate tax rates. Another measure signed increases the homestead property tax rate.
Sanders stated during a news conference that these steps were taking them in the right direction and that they were moving responsibly.
Those supporting the reductions have pointed out that Arkansas is forecasted to end this fiscal year with a surplus of $708 million. However, those who are opponents of the reductions have claimed that the benefits are predominantly going to be felt by the higher earners and that instead, the state needed to put more money into bringing down the high maternal mortality rate while increasing services for those with disabilities.
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