This graphic shows Gov. Asa Hutchinson's proposed income tax cuts for individuals.The tables below show the tax rate that would be applied to each level of income.The top rate would drop again, to 5.3%, in 2023.It would drop to 5.1% in 2024 and 4.9% in 2025 but only if the state doesn't dip into a catastrophic reserve fund. These tables would be for the 2022 tax year.