The Governor’s Proposed Personal Income Tax Cut: Who Wins and Who Loses?
ITEP Work in ActionGovernor Asa Hutchinson proposed a personal income tax cut as part of his balanced budget plan for the 2019 legislative session, released on November 14. The tax cut, which would be rolled out in two phases over four years, would result in the loss of nearly $200 million ($192 Million) in annual state tax revenue. According to a recent analysis by the Institute on Taxation and Economic Policy (ITEP), the benefits of the plan would go overwhelmingly to the state’s richest taxpayers.