Economy Government Politics

Governor Fights to Eliminate Income Tax – Find Out Why

Who do you trust to handle your money: the government or yourself? Personally, I believe you handle your money better than politicians ever could. Our hardworking citizens deserve to keep more of what they earn, without unnecessary interference from Washington. That’s why I entered office with a commitment to responsibly phase out our state income tax, and I’ve been delivering on that promise. By working with our legislature, we’ve cut taxes twice in my first year, returning more than $300 million to taxpayers. This isn’t just a pledge; it’s a tangible benefit for the people of Arkansas.

This week, I called a special session of the Arkansas legislature to cut taxes once again. Republicans and Democrats came together to reduce personal income tax by $384 million and corporate income tax by nearly $100 million. That’s almost half a billion dollars returned to Arkansans, empowering individuals and businesses to make their own financial decisions. In total, 1.1 million Arkansans will benefit from these tax cuts, representing the majority of taxpayers in our state. This approach underscores our belief in limited government and the power of free markets to stimulate economic growth.

Consider a young couple, both starting out as public school teachers. Thanks to Arkansas LEARNS, their starting salaries are now $50,000 each. With the three tax cuts I’ve signed into law, they will now take home an additional $954 annually. That’s extra money for rent, car payments, or grocery bills. It’s more money in their pockets and more money circulating in our economy, promoting growth and prosperity. This is the essence of conservative economic policy: empowering individuals and families to thrive without burdensome taxes.

Our state’s economy is at a pivotal moment. Pro-growth policies have led to record employment, population growth, and an improved credit rating from S&P, upgrading Arkansas’ outlook from “stable” to “positive.” Despite these successes, we face challenges from Washington’s economic mismanagement. Prices have skyrocketed under President Biden’s administration, with inflation reminiscent of the Jimmy Carter era. The average Arkansas family now pays nearly $800 more per month for the same goods and services compared to when Biden took office. This highlights the need for prudent financial management at the state level.

In contrast to the reckless spending in Washington, we’ve slowed the growth of government spending to only 1.76% annually, below our historical average of 3%. This fiscal discipline has allowed us to cut our state income tax to 3.9% and our corporate income tax to 4.3%. With these savings, Arkansans can better cope with the increased cost of living. By creating a competitive tax environment, we’ve reversed the trend of families and businesses leaving for zero-income-tax states like Tennessee and Texas. Today, Arkansas boasts the lowest income tax rate among Southern states that levy one, attracting businesses and individuals seeking a more favorable economic climate.

Our efforts are paying off. Mississippi County is now the top steel-producing county in America, and Camden is home to expanded defense company facilities. Walmart, the largest company in the world, is completing its new and expanded headquarters in Bentonville. Last week, I celebrated two business expansions in Central Arkansas, totaling over $330 million in investments and paving the way for more than 900 jobs. My administration’s collaboration with companies secured over $1 billion in investment last year. Polls show that Americans are fed up with the Democrats’ economic failures. The good news is there’s a better way: fiscal responsibility, smaller government, and lower taxes. It’s working in Arkansas and other Republican-led states, and it can revive our national economy if implemented in Washington.

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