We expected 200 people to show up. Summit participants were filled with good ideas and honest opinions that they shared with each other. One of those ideas was to repeal the state's tax on capital gains. Capital gains taxes are taxes paid on the sale of real estate, stocks and other investments. While it doesn't raise much money, it does serve as a disincentive for Arkansans to make the kinds of investments that pay big dividends in the future.
Critics say repealing the capital gains tax only helps the wealthy.
Yes, I have to agree that wealthy people own stocks and real estate. But so do a lot of other Arkansans. If a teacher sells her house so that she can buy another one closer to her mother, the capital gains tax socks it to her. If a secretary sells a few shares of her Wal-Mart stock to help pay for her son's education, the capital gains tax makes it that much harder on her. Yep, the capital gains tax is there once again.