Arkansas Times: Arkansas income tax cut plan favors the rich. Duh.

Analyses by the Institute on Taxation and Economic Policy (ITEP) show that plans to cut the top income tax rate would largely benefit Arkansans with the highest incomes and cost hundreds of millions in annual revenue.

ITEP estimates that cutting the top tax rate from 5.9 percent to 5.5 percent would cost the state $138 million annually. The top 5 percent highest-income Arkansans – those making more than $218,000 a year – would receive more than $93 million, or 68 percent, of this tax cut. The 40 percent of Arkansans making less than $37,000 would get nothing at all. Read more