SPRINGDALE, AR - Governor Beebe says he does not foresee any cuts in Arkansas' income tax.
Beebe signed a bill earlier this year to cut the state sales tax on groceries in half. Addressing a group of business leaders in northwest Arkansas yesterday, Beebe said the cuts likely won't extend to the income tax.
Collections from individual taxpayers are expected to total about $2.1 billion this fiscal year. Corporate collections should total about $288 million.
Beebe says he understands that Arkansas' top individual tax rate of seven percent is higher than those of many states. But Beebe says Arkansas doesn't have much to fall back on when it comes to revenue, as Florida does with tourism.