In 1999, the Arkansas General Assembly passed Act 1005, legislation cutting the Arkansas capital gains tax. Since that time, recent events have dramatically altered the fiscal landscape at both the federal and state levels. In response to an Arkansas Supreme Court mandate, the Arkansas legislature enacted a large sales tax increase in 2004 to fund […]
The Check Cashers Act of 1999 classified the charge for borrowing from a payday lender as a “fee” rather than as interest. As a result of this legislation, Arkansas now has more payday lenders (281) than McDonald’s restaurants (127). These lenders make an estimated 880,413 payday loans per year at an effective interest rate of […]
Payday lenders are a major source of instant cash for Arkansas’ low-income working families and consumers with heavy debt burdens and poor credit histories. Instead of benefiting borrowers, payday loans trap them in high-cost debt. To qualify for a payday loan, borrowers only need a bank account and a steady income. They write a post-dated […]
The federal minimum wage was originally passed as a part of the Fair Labor Standards Act to ensure that low-income workers would earn a “decent living.” The idea that no one who works full-time should live in poverty is as true today as it was in 1938. The federal minimum wage has been in place […]
Does the title look a little bit like an encrypted message? No idea where to find the decoder? This brief guide will translate the acronyms into understandable language and provide you with key questions to ask your local decision-making bodies about the use of Tax Increment Financing (TIF) in your community and its impacts on […]
This week, the Tax Foundation released its 2005 report on tax burden by state, showing Arkansas to be ranked 11th in the country for state and local tax burden. However, there are questions concerning the accuracy of the foundation’s report. The Washington, D.C.-based Center on Budget and Policy Priorities released a report which points to […]
Few people would dispute that the local property tax on real estate and personal property is the most unpopular tax in Arkansas. The long history of political controversy around the property tax – with its continual constitutional amendments changing previous amendments – dates back almost 50 years to Amendment 47, which abolished the longstanding state-level […]
Many of us have seen the signs which advertise “Fast Cash: All it Takes is your Good Word. No Credit Check!” I’m sure many of us have been tempted to use such a service or, indeed, have used such a service for convenience, for fear of a late fee, or for fear of bouncing a […]
Because of federal tax changes, the Arkansas’ estate tax expires on December 31, 2004 leaving Arkansas with yet another revenue gap. It is not too late to make the changes necessary to ensure that this fair tax remains a part of the Arkansas tax system. The estate tax is one of the fairest taxes that […]
President Reagan called the Earned Income Tax Credit the “best anti-poverty, the best pro-family, the best job creation measure to come out of Congress.” The federal EITC rewards work by adding almost $2 per hour to the pay of low income working families with children. Eighteen states have their own EITCs. Eleven states have adopted […]