Roby Brock of Talk Business recently asked us to counter the arguments that some lawmakers have for cutting capital gains taxes.

We told him that our research shows that under House Bill 1002, the top 1 percent of taxpayers would see an average tax cut of $4,220 a year. Middle class taxpayers would receive an average tax break of just $1 per year, showing how dramatically cutting capital gains benefits the super wealthy. In Arkansas, the top 1 percent of wage earners includes just 13,000 tax filings.

Capital gains are profits from the sale of an asset, such as stocks, bonds, investments, vacation homes, art and other items when they are sold or liquidated. By exempting 30 percent of capital gains income from taxes, Arkansas is one of eight states among the 41 with income taxes that already offer generous tax breaks on capital gains, according to the Institute on Taxation and Economic Policy.

We hear the bill could come up this week in committee this week. Sign up for our alerts and we’ll let you know when to flood the statehouse with calls and letters.