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TAX TUG OF WAR
This week is expected to be one of the more exciting at the legislature, especially concerning taxes.
You may recall in Governor Beebe's State of the State address where the Governor said"
Beyond that [half-cent grocery tax cut], I don't see any room for additional tax cuts or significant increases in program funding. If we are to retain the enviable national position we now hold, we must remain cautious and conservative. If you make a proposal that seeks to cut revenue or increase spending, the only responsible approach is to state precisely where that money is coming from. If the proposal calls for a tax cut, then it is only fair to detail exactly which existing programs you will cut to offset that loss in funding. Abstract claims of hypothetical future growth don't change the immediate impact that a tax cut will have on state revenues and state services.
But legislators seem not to be detoured by the strong warning of the Governor, over the next few weeks they will be proposing more than $217 million in tax cuts. Evidently many listened to the masses of people who sent a very clear message on Nov. 2nd demanding lower tax, less government and more fiscal responsibility.
Our tax loads in Arkansas are among the most burdensome in the nation. We are 39th in state business tax climate the worst of 7 states in this region, Louisiana being the closest at 36th. Our state and local sales tax rates put us in the top 10 of highest taxed, ranking in at #9.
Not exactly the top 10 list we were striving to make.
On Tuesday Rep. Ed Garner (R- Maumelle) will present HB1002, a bill that will reduce the capital gains tax. Right now Arkansas's Capital Gains tax is 4.9% compare this to other states in this region~Texas and Tennessee have no income tax and therefore no capital gains taxes. Mississippi and Oklahoma have eliminated capital gains on in-state investments.
On Thursday Senator Gilbert Baker (R-Conway) hopes to present his bill SB274, which would raise the sales tax exemption on used cars from $2,500 to $5,000
Other tax cuts proposed include a $8.9 million sales tax exemption on manufacturer's or dealer's rebates for cars, a $3.8 million cut in the sales tax manufacturers pay on utilities and a $3.7 million tax cut for head of household taxpayers with two or more dependents.
Many of the committee meetings will there bills will be discussed are stream live at http://www.arkansashouse.org/. I will update my blog as much as possible, do consider getting on Twitter it is an essential tool of communication for those wanting to become more informed and engaged!
SPEAKING OF SOCIAL MEDIA~
Think Social Media is just for kids or people who play farmville?~ Think again~ "It's a Facebook Revolution," said Akhnoukh. "That's what changed the future of Egypt. Facebook. It's as simple as that."
Being someone who's job description requires the use of social media I have found the web site "Mashable" to be quite useful. A story caught my eye this morning, "How We Use Social Media During Emergencies" , expressing that same sentiment about the importance social media played in the crisis in Egypt.
Journalist at the BBC have been told to use social media as a primary source of information. According to a story in the Guardian, Peter Horrocks, director of BBC Global News instructed his staff in February of 2010 "to make better use of social media and become more collaborative in producing stories."
He was quoted in the story as saying:
"This isn't just a kind of fad from someone who's an enthusiast of technology. I'm afraid you're not doing your job if you can't do those things. It's not discretionary"It's like anything else new a little intimidating at first but then just like that microwave, VCR and now the ever popular Netflix once you have it you will wonder how you ever got by without it!
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