The Arkansas State Legislature is considering passing a series of tax cuts that would primarily be applicable to farmers and ranchers, continuing a nationwide trend of pushing for major agricultural tax breaks.
For the past few years, tax policy has been a major issue of contention between Democrats and Republicans. While Democrats were insistent that taxes go up on the wealthy, Republicans insisted that taxes not be raised for anyone. These nationwide tax battles derailed a series of fiscal policy compromises over the past few years.
In states like Arkansas, however, the tax fight has been less heated, with both Democrats and Republicans agreeing to broad tax reductions. State senators and representatives are hoping that a tax cut will help grow the state economy, attract businesses, and create jobs.
“We were looking at things that were job-creators for incentivizing investment or went to directly help those who were in production, whether it’s manufacturing, agriculture or other areas,” said the chair of the Senate Revenue and Taxation Committee. “What we needed to do and what we want to do is put together a program that can help the state of Arkansas help create jobs and reflect a lot of those different elements,” said the chair of the House Revenue and Taxation Committee.
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Written by: Justin Ellison / Farm Plus Staff Writer