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Asa Hutchinson on Tax Reform
Former Administrator of D.E.A.; former Republican Representative (AR-3)
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Lower taxes; reform our national tax code
Every American feels the strain of an overburdensome tax code. We must reform our tax code nationally and lower taxes just as I did in Arkansas.
We need more money in the pockets of hard-working Americans and not in the coffers of a bureaucratic and unaccountable Washington, D.C.
Source: 2024 Presidential campaign website Asa2024.com
, May 2, 2023
Lower tax rate for new residents to 4.9% for five years
To pay for tax cuts, we need to continue to grow our economy and bring people to Arkansas. If we can lower our tax rate for new residents to 4.9% for five years, then we will attract new Arkansans who will create jobs, spend money, and pay taxes.
And it sets a goal for us as well to lower our tax rate in a similar way for all citizens. And if we don't get there, the tax break for new residents will sunset.
Source: 2021 State of the State Address to the Arkansas legislature
, Jan 12, 2021
2-4-5.9 plan: flatten & simplify rates, to spur growth
While I wanted to flatten the rate for all taxpayers to 5.9 percent over the next 4 years, the task force said we should simplify the rate structure and raise the standard deduction for all taxpayers. The result is a plan that we call the 2-4-5.9 plan.
It will set Arkansas on a path to be competitive with our surrounding states; to attract new investments and talent in our state; and to continue our vigorous economic growth. We will work with you so that no taxpayer will see any tax increase.
Source: 2019 State of the State address to the Arkansas legislature
, Jan 15, 2019
Tax cuts attract keep veterans in state
[In the last year's legislative session], we also worked to cut taxes, and we did--in historic fashion. We have reduced the state income tax by more than $150 million each year. We also passed Act 141, legislation that exempts the retirement pay of
veterans from the state income tax. And we are already seeing results. One such example is retired Col. and Iowa native Mike Kirby, who, after 26 years in the
Air Force, chose to move to Arkansas and start a business because of our commitment to the military community.
Another example is Adam and Brittany Boccher, who've decided to remain in Arkansas after Adam retires from the Air Force because we passed this law.
Source: 2018 Arkansas State of the State address
, Feb 12, 2018
Tax cuts keep Arkansas competitive : cut from 6.9% to 6%
I showcased Arkansas before the Editorial Board of the Wall Street Journal. One of the editors asked me what our top marginal tax rate was in Arkansas. When I said it was 6.9%, the response was: "That's worse than Connecticut." Today, I'm announcing my
specific goal for the state. My objective has always been to lower the overall income tax rate in Arkansas, and that priority has never changed. Today, I'm proposing that we cut Arkansas's top tax rate from 6.9% to 6% when we all meet again next year.
Source: 2018 Arkansas State of the State address
, Feb 12, 2018
Don't raise any taxes, while reducing individual tax rate
A debate question for the men: "What taxes would you raise or eliminate?"Hutchinson: Won't raise any tax. Reduce individual income tax. Start with middle income folks who have been squeezed. My plan is prudent. Ross plan costs 6x's my plan.
Gilbert: Don't raise any tax. Eliminate individual income tax as soon as possible. Do away with corporate welfare. Eliminate any boards that can't justify existence. No income tax is fair to everybody.
Eliminates need for minimum wage because everybody gets a raise.
Ross: Support lower tax rates. Nothing fair about tax rates. Will make changes just like Beebe did with grocery tax.
Drake: Those who make more should pay more in taxes to eliminate sales tax across state. Minimum wage needs to be raised.
Source: Arkansas Matters blog on 2014 AR gubernatorial race
, Jul 11, 2014
Tax reduction will spur job growth
Asa Hutchinson released his plan for income tax reduction: "My number one priority as Governor will be job creation. One way to spur job growth is through tax reduction. Tax cuts are an effective method to spur economic growth."
Asa's press release sounded like a Bush campaign speech and contained the same promises made by Bush and all Republican candidates for the past 80 years. This should not be a surprise because Asa served 5 years as one of Bush's most trusted official.
Source: The Sun Times on 2014 Arkansas Governor's race
, Dec 6, 2013
Phaseout the death tax.
Hutchinson co-sponsored the Death Tax Elimination Act:
Title: To amend the Internal Revenue Code of 1986 to phaseout the estate and gift taxes over a 10-year period.
Summary: Repeals, effective January 1, 2011, current provisions relating to the basis of property acquired from a decedent. Provides with respect to property acquired from a decedent dying on January 1, 2011, or later that:- property shall be treated as transferred by gift; and
- the basis of the person acquiring the property shall be the lesser of the adjusted basis of the decedent or the fair market value of the property at the date of the decedent`s death.
- Requires specified information to be reported concerning non-cash assets over $1.3 million transferred at death and certain gifts exceeding $25,000.
- Makes the exclusion of gain on the sale of a principal residence available to heirs.
- Revises current provisions concerning the transfer of farm real to provide that gain on such
exchange shall be recognized to the estate only to the extent that the fair market value of such property exceeds such value on the date of death.
- Provides a similar rule for certain trusts.
- Amends the special rules for allocation of the generation-skipping tax (GST) exemption to provide that if any individual makes an indirect skip during such individual`s lifetime, any unused portion of such individual`s GST exemption shall be allocated to the property transferred to the extent necessary to make the inclusion ratio for such property zero; and
- if the amount of the indirect skip exceeds such unused portion, the entire unused portion shall be allocated to the property transferred.
- Provides that, if an allocation of the GST exemption to any transfers of property is deemed to have been made at the close of an estate tax inclusion period, the value of the property shall be its value at such time.
Source: House Resolution Sponsorship 01-HR8 on Mar 14, 2001
Page last updated: Aug 06, 2024; copyright 1999-2022 Jesse Gordon and OnTheIssues.org