Republican legislators defended family tax rebates Monday as beneficial to Arizonans on the heels of new projections that Arizona is expecting a $400 million state budget shortfall.
The Finance Advisory Committee report released last week indicated the projected shortfall is due in part to a drop in individual income tax collections. In a news release, Arizona House Democrats pointed to “an irresponsible permanent $2 billion income tax cut primarily benefitting wealthier Arizonans.” Arizona’s 2.5% flat tax was approved by Republican lawmakers in 2021, and the following September, former Gov. Doug Ducey directed the Arizona Department of Revenue to enact the flat tax in the 2023 tax year, a year ahead of schedule.
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Republican legislators, including the Arizona Freedom Ca …
See the full article on Arizona’s economic indicators, or, read more Arizona real estate investing news. Take your pick!
