PRESS RELEASE Staying informed shouldn't be hard. Being an informed Arkansan shouldn't take so much time. Check out our "Simplified" series, where we cut through the rhetoric to the reality and bring you clear and concise breakdowns on timely topics. So far, we've done teacher pay and income tax cuts. 6 Tax Cuts in 6 Minutes Given all the talk about income tax cuts in Arkansas, we thought we'd do a lookback at the past decade of income taxes in the state. We overview them in 6 minutes. In a nutshell: 2013: 0.1% rate reduction for all 2015: Rate reductions for middle income ($21-70k) 2017: Rate reductions for low income (less than $21k) 2019: Rate reductions for middle and upper income ($38,000+) 2021: Combined tax brackets lowering almost all rates that included a 1% reduction to the top rate 2022: Tax credit up to $150 for individuals earning less than $101k and $300 for couples earning less than $202k (plus the acceleration of the previously approved 2021 tax cuts) Compared to a decade ago, Arkansas taxpayers are paying rates that are between 0.5% and 2.6% lower. The 2.6% decrease is for the lower income tax bracket on the portion of income between $21,000 and $23,000. Hundreds of thousands of additional low-income Arkansans no longer pay any income taxes. read more>> |
Mon August 22, 2022
By Jeff Smithpeters
Common Grounds treats teacher pay and income tax cuts in 'Simplified' series
Common Ground Arkansas Teacher Pay Income Taxes