Governor Sarah Huckabee Sanders highlights Arkansas's economic successes, including tax cuts, job creation, and positive economic indicators, despite challenges posed by federal policies.
Arkansas Governor Sarah Huckabee Sanders believes that the government should not dictate how individuals handle their money. Upon taking office, she pledged to phase out the state income tax responsibly. In her first year, she worked with the legislature to cut taxes twice, returning over $300 million to taxpayers.
This week, Sanders called a special session of the Arkansas legislature to further reduce taxes. Republicans and Democrats collaborated to lower the personal income tax by $384 million and the corporate income tax by nearly $100 million, returning almost half a billion dollars to the people of Arkansas.
Arkansas's Economic Revival: Tax Cuts Fuel Growth and Prosperity
Over 1.1 million Arkansans will benefit from these tax cuts, representing the majority of taxpayers in the state. The impact of these tax cuts is significant. For instance, a husband and wife who are starting their careers as public school teachers will now take home $954 more in their paychecks annually. This additional income can be used for rent, car payments, or groceries, stimulating the local economy.
Arkansas's economy is at a crossroads. While the state's pro-growth policies have led to more jobs and a growing population, families and businesses are facing headwinds due to federal economic mismanagement. Prices have surged by 20% since President Biden took office, causing inflationary pressures not seen since the Jimmy Carter presidency. On average, Arkansas families must spend nearly $800 more per month for the same purchases they made when Biden took office.
Arkansas's Economic Revival: Tax Cuts Fuel Growth and Prosperity
Sanders believes sound stewardship in Little Rock is even more crucial as Democrats in Washington have driven the economy off the rails. In her first 18 months in office, Sanders slowed the growth of government spending to 1.76%, passing these savings on to taxpayers. Arkansas's state income tax is now only 3.9%, and the state corporate income tax is only 4.3%.
These tax cuts have made Arkansas more competitive with neighboring states like Tennessee and Texas, which have zero income taxes. Now, Arkansas has the lowest income tax rate among Southern states with income taxes. Consequently, businesses and individuals are migrating to Arkansas.
Arkansas's Economic Revival: Tax Cuts Fuel Growth and Prosperity
Mississippi County, Arkansas, is now the top steel-producing county in America. Camden, Arkansas, hosts expanded facilities for defense companies like Raytheon and Lockheed Martin. Walmart, the world's largest company, is completing its new and expanded headquarters in Bentonville.
In addition, Sanders has collaborated with various companies to secure over $1 billion in investment for Arkansas last year, leading to over 900 new jobs.
Sanders believes that Americans are frustrated with the Democrats in Washington, who have failed to manage the economy effectively. She proposes an alternative approach of fiscal responsibility, smaller government, and lower taxes. This approach has proven successful in Arkansas and other Republican-led states and could revive the national economy if implemented in Washington.
