Yesterday, Arkansas Republican Governor Asa Hutchinson delivered his annual State of the State address. In the speech, Hutchinson highlighted Arkansas’ “booming” economy. Under his leadership, Arkansas has lowered unemployment to a record-low 3.7%, while wages are growing more than 3%.
Hutchinson has achieved this success partially by cutting the state income tax by more than $150 million. Now, he wants to make Arkansas even more competitive by cutting taxes another $180 million. Hutchinson’s commitment to economic growth and tax relief explains why he polls as one of the most popular governors in the country.
Texarkana Gazette Reports:
“Arkansas’ governor called for cutting income taxes for the state’s top earners by $180 million on Monday, and said his plan to set aside surplus money will help set the stage for that reduction when lawmakers take up the proposal next year.
Republican Gov. Asa Hutchinson said he’ll push next year for cutting the state’s top rate from 6.9 percent to 6 percent for those making more than $75,000 a year. Hutchinson issued the recommendation as lawmakers convened for an abbreviated session focused on the state’s budget.
The proposal follows two other tax cuts Hutchinson has successfully shepherded through the Legislature since taking office three years ago: a $100 million tax cut for those making between $21,000 and $75,000 a year in 2015 and a $50 million cut for those making less than $21,000 last year. Arkansas’ median household income is about $42,000 a year.”