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Impact on Arkansas employment rate after tax cuts by end of 2025
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Arkansas•Arkansas Legislature•Sarah Huckabee Sanders•Southern•Sanders•Arkansans•Arkansas House•Senate
Resolution / Starting Odds
Employment rate increases • 33%
Employment rate decreases • 33%
Employment rate remains unchanged • 34%
U.S. Bureau of Labor Statistics and Arkansas Department of Workforce Services
Story
Arkansas Legislature Approves Major Tax Cuts, Saving $800 Million and Lowering Income Tax to 3.9%
Jun 19, 2024, 11:08 PM
Arkansas lawmakers have advanced tax-cut bills. The Arkansas Legislature has approved a bill that would save taxpayers more than $800 million over the next two years. Governor Sarah Huckabee Sanders recommended the tax code changes during a special session called on June 11. The new legislation lowers the state's income tax rate to 3.9%, making it the lowest among Southern states with an income tax. Since taking office last year, Governor Sanders has cut income taxes three times, returning half a billion to Arkansans. The Arkansas House and Senate passed identical tax cut bills with only a few lawmakers opposing. The governor has signed the income and property tax cuts into law.
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