taxes
McCarthy says he’s brokered a debt limit deal with White House to avert default
WASHINGTON — House Speaker Kevin McCarthy announced a deal in principle Saturday night that would stave off a first-ever default on the nation’s debt as long as it can clear both chambers of Congress before June 5. The agreement would address the nation’s debt limit and include a “historic” reduction in spending, McCarthy said, though […]
U.S. to hit debt limit much sooner than expected, thrusting Congress into showdown
WASHINGTON — The U.S. government will hit its borrowing limit next week, forcing the new, divided Congress into negotiations over the debt limit much sooner than expected, though a potential date for the nation to default isn’t expected until this summer. Treasury Secretary Janet Yellen wrote to Congress on Friday afternoon, telling leaders the United […]
Sarah Huckabee Sanders sworn in as Arkansas’ first female governor
This was updated at 5:55 p.m. on Jan. 10, 2023. Sarah Huckabee Sanders in her first speeches as Arkansas’ 47th governor described herself as part of a new generation of Republicans eager to limit the role of government. With her swearing in by the state’s chief justice, Sanders became the first female governor of Arkansas, […]
El Dorado’s Shepherd elected Arkansas House Speaker for third time
The Arkansas House gaveled into the 2023 legislative session on Monday with the swearing in of its members and the election of House Speaker Matthew Shepherd (R-El Dorado). Shepherd’s election to a third term means he will be the longest serving House speaker in state history. Only one member, Hope Hendren Duke (R-Gravette) voted against […]
Economists predict ‘mild recession’ as Arkansas gears up for 2023 legislative session
A mild recession and a holiday spending hangover. That’s what economic forecasters predict for 2023 as lawmakers head to the state Capitol in January. Rising interest rates and persistent inflation will push the economy into a downturn, experts say, and those economic clouds could also cause the 94th General Assembly to consider any robust spending programs […]
Is Donald Trump’s tax avoidance ethical or honorable?
The tax records of Donald Trump, details of which were released on Dec. 21, 2022, show the former president used the same aggressive measures to avoid paying high taxes while in office as he did during his business career. Indeed, he paid zero tax in 2020 – the last full year of his presidency […]
Arkansas officials: No determination yet on tax liability for student loan forgiveness
Arkansas tax authorities haven’t yet decided whether borrowers must pay state income tax on canceled debt under President Joe Biden’s student loan forgiveness plan. Discharged debt is typically taxable as income. However, under the American Rescue Plan Act, student loan forgiveness between 2021 and 2025 is not subject to federal taxes. Arkansas is one of […]
Arkansas income tax rate changes explained
The Arkansas General Assembly last week convened in special session primarily to enact tax relief. The law, which easily passed the House and Senate, was billed by proponents as relief for taxpayers in a time of high inflation. Several also referenced the $1.6 billion surplus the state ended with in fiscal 2022. Opponents argued that […]