LITTLE ROCK, Ark. (News release) – Governor Asa Hutchinson released a statement on Monday Nov. 13 in support of tax-reform efforts in Washington.
“Tax reform in Washington is long overdue. I was in Congress in 2001 when we passed the last significant federal income-tax reductions, and the current effort to reform our tax code will grow the economy and create jobs.
“In Arkansas in 2015, I signed into law a $100 million middle-class tax cut, which was the largest reduction in the state income tax in history. Since then, we’ve created thousands of jobs and enjoyed a growing economy. We’ve followed this with another $50 million tax cut in 2017. These tax cuts allow taxpayers to keep more of their paycheck, and if we can do this in Arkansas, then Washington can do the same.
“Washington’s system of taxation takes too much money, is too complicated and hampers economic growth. The result is a system that places too heavy a burden on our businesses and citizens. It places our country at a disadvantage in an increasingly competitive and mobile world. Industry can locate anywhere, and companies are finding that the corporate tax rate in the United States is too high.
“If we lower the corporate tax rate, billions of dollars will return from overseas and will give Arkansas an opportunity to continue our success in attracting new industry and investment.
“In addition, the Tax Foundation found that the individual tax cuts will result in an additional $2,020 for middle-class families in Arkansas.
“I know there are improvements and changes yet to be made, but it is important that Congress continue its progress toward this much-needed reform.”