As Senator, I will work to lower taxes for working families and fight for the needs of everyday Arkansans, because the state's economy revolves around these individuals. I support updating and modernizing our tax laws to shield small business owners and family farmers from the estate tax. I am working toward a bipartisan solution to increase the estate tax exemption to $5 million ($10 million for married couples) and reduce the tax to a 35 percent marginal rate. For estates worth more than $30 million, the benefit of this exemption would be phased out. I do not believe full repeal of the estate tax is a fiscally responsible option at this time. However, my approach eases the estate tax burden for all families and most likely erases it entirely for virtually every small business owner and family farmer in Arkansas.
I am also dedicated to balancing the budget and paying off the national debt, which will keep interest rates low and benefit the economy.
As we look for ways to jump start our economy, creating new jobs is of the utmost importance. I support helping small businesses provide these new jobs through targeted tax cuts. I also support tax credits for businesses that help their employees obtain health coverage.
One of the best long-term economic investments we can make is through a renewed commitment to education. To make a lasting difference in our state, especially in our most economically depressed areas, we must improve the quality of education to prepare our children to compete in an ever-changing environment of industry and technology.
RELATED NEWS & STATEMENTS