Tax increases considered to fund education reform

(January 15, 2004) — (Little Rock-AP) -- There's a proposal at the state Capitol that would raise corporate income taxes by three-tenths of a percent to pay for education. Community advocates are praising the idea, while business lobbyists said it would hinder economic development. Senator Tim Wooldridge of Paragould argued for his bill which analysts say could raise about 72 million dollars. Right now the corporate income tax is six point seven percent and the measure would raise it a flat seven percent. It would also levy at least another two tenths of a percent from increased surcharges, severance taxes on natural gas and the beer tax.