March 3, 2011 by wcobserver
The legislators at the general assembly have passed a few bills that are aimed at helping the ones most in need of help in this economy – the “have- nots.” One is to raise the sales tax exemption on used cars from $2,500 to $5,000. This will provide some real cash-in–the-pocket- now relief for working people.
The House passed bills aimed at reducing sales tax on groceries a half cent and exempting low-income parents with two or more kids from state income tax. But in some sort of distorted logic they felt they also needed to give a $44 million break to “haves,” by repealing the state capital gains tax on Arkansas properties and investments. That’s what some might call a tax break for the rich; something this country has plenty of.
Perhaps they were still thinking about the discredited “trickle down theory.” Giving tax breaks to the wealthiest citizens has not been shown to increase the economic condition for the average working family. It generally just results in making the rich richer. Which means they will have more power. Which means it will be easier to convince state legislators to give them more tax breaks. Which makes them richer. Which …… get it?