Cutting Arkansas’ already generous capital gains taxes would benefit only the super wealthy, with three quarters of the tax break going to the top 1 percent of taxpayers, according to an analysis by Arkansas Advocates for Children and Families.
Taxpayers making more than $352,000 a year would pay on average $7,142 less per year in taxes if capital gains taxes were eliminated in Arkansas. That compares to a tax break of $2 per year for middle-income workers.
(emphasis added). Even more starkly:
Under House Bill 1002, the top 1 percent of taxpayers would see an average tax cut of $4,220 a year. Middle class taxpayer would receive an average tax break of just $1 per year, showing how dramatically cutting capital gains benefits the super wealthy (see chart below). In Arkansas, the top 1 percent of wage earners includes just 13,000 tax filings.
The entire article and the accompanying report are definitely worth a read by everyone who is still even considering supporting this bill.