Arkansas Surpasses Budget Expectations with $6.149 Billion Revenue
Boost in Sales Tax Revenue Offset by Decline in Income Taxes, State Reports
According to New Homepage, Arkansas is doing well financially. The state’s budget report shows that they have more money than expected. They have $6.149 billion for the year, which is $4.1 million more than planned. This is good news, even though they made less money than last year.
The report also shows that americans and businesses are paying less in taxes. However, Americans are buying more things, which means they’re paying more in sales tax. This is good for the state because it brings in more money.
Arkansas on Track for Record Surplus, Potential for Income Tax Repeal Gains Momentum
The state is expecting to have even more money at the end of the year. They’re expecting to have an extra $708.1 million. This is good news because it might make it possible to get rid of the state income tax. The governor is already talking about this idea. With the state’s economy doing well, it looks like Arkansas will continue to have good financial news in the future.