Join us in this riveting follow-up episode with Dr. Jeremy Horpedahl, Associate Professor at the University of Central Arkansas and Acting Director of ACRE. Dive deep into the heart of Arkansas's economic landscape, exploring the state's record-breaking budget surplus, tax policies, and the implications for its taxpayers. Discover the intricate balance between revenue forecasts, taxpayer contributions, and state expenditures.
As Arkansas stands at the crossroads of economic decisions, Dr. Horpedahl sheds light on the choices ahead and the potential impacts on the state's future. Don't miss this insightful discussion that bridges the gap between economics and real-world implications for the people of Arkansas.
Dr. Jeremy Horpedahl discusses Arkansas's fiscal surplus and taxation policies, analyzing the state's budgetary landscape and potential actions for surplus funds.
VIDEO TIMESTAMPS
00:00 Introduction and Recap of Episode 6A
00:48 Discussion on Arkansas's State Budget Surplus
02:44 Implications for Taxpayers in Arkansas
04:12 Previous Surplus and Taxpayer Relief
05:18 Upcoming Book on Taxes and Recommendations
07:21 The Catastrophic Reserve Fund and its Purpose
09:08 City of Jonesboro's Reserve Fund and Taxation
14:47 Criminal Justice and New Prison in Arkansas
16:25 Analysis of Cumulative Growth of Average Income
27:17 Jonesboro's Unique Position and Future Plans
30:17 Closing Remarks and Promotion of ACRE
In this YouTube podcast episode, Dr. Jeremy Horpedahl, an economist from the University of Central Arkansas, discusses the fiscal landscape of Arkansas. He talks about the state's budget surplus, which has been over a billion dollars for the past three years due to higher-than-expected tax revenue. Dr. Horpedahl explains that the surplus means taxpayers paid more in taxes than needed to fund the state's expenditures.
He mentions that the state legislature has options for using the surplus, such as returning some of it to taxpayers or funding one-time projects like building new prisons or educational changes. Dr. Horpedahl also discusses the need for a balanced tax system and recommends looking into reducing taxes to align with the actual spending priorities of the legislature.
The podcast also delves into topics like the impact of occupational licenses on individuals with criminal records and the challenges faced by the middle class in terms of income growth and tax burdens. Dr. Horpedahl shares his insights on income distribution and the role of taxes and transfers in supporting different income quintiles.
Highlights
💰 Arkansas has recorded a surplus of over a billion dollars in revenue for the past fiscal year.
💼 State legislature sets budget, revenue exceeded forecasts, leading to a surplus.
🏦 Possibilities for surplus allocation include tax rebates or funding one-time projects.
📉 Recommended approach Align tax rates with desired spending to avoid excessive surplus.
🌧️ Arkansas's Catastrophic Reserve Fund holds $1.3 billion for emergencies.
🏛️ Discussion on city reserves and taxes, with a focus on proper use of revenue.
🏟️ Examining issues with local A&P (advertising and promotion) taxes, questioning their intended use and legality.
Key Takeaways
Arkansas's Savings
Arkansas has saved more money than they planned to spend. This is called a 'surplus'.
The state saved over a billion dollars more than they expected last year.
Arkansas has saved more money than expected for three years in a row.
What Does This Mean for People?
Emergency Funds
Taxes in Cities
Challenges with Jobs
Summary
Understanding money matters can be complex, but it's essential. Arkansas has more money saved than expected, but there are still challenges to face, especially when it comes to taxes and helping people find jobs.
Listeners are encouraged to visit the website of the Arkansas Center for Research in Economics (ACRE) for more information, as well as Dr. Horpedahl's contributions to the Economist Writing Every Day blog and his Twitter account (@jmhorp) where he discusses economic news and shares charts. The podcast concludes with the host expressing gratitude for Dr. Horpedahl's contributions and insights.
About Jeremy Horpedahl, PhD
Dr. Jeremy Horpedahl is the Director of ACRE and an associate professor of economics at the University of Central Arkansas. He received his PhD in economics from George Mason University in 2009, concentrating in public choice, public finance, and economic history. His research has been published in Econ Journal Watch, Constitutional Political Economy, the Atlantic Economic Journal, Public Choice, and Public Finance and Management. Dr. Horpedahl has also published op-eds in a variety of regional and national publications. Prior to taking on the role of Director, Dr. Horpedahl has been a researcher with ACRE since joining the UCA faculty in 2015.
Our Podcast
Welcome to the General Burros Trading Post podcast, your gateway to the world of E-commerce, community, and captivating conversations! Get ready to embark on an exciting audio journey where we explore the vibrant marketplace of ideas, business insights, and community values.
In each episode, we delve into the heart of what makes General Burros Trading Post a hub of supporting businesses, issues, and events in the Jonesboro, AR area. Join our engaging host as we dive deep into the stories of local entrepreneurs, discovering the passion and dedication behind their ventures. From small business owners to industry leaders, we showcase the individuals who are driving economic growth while staying true to American values.
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