Inflation could be Arizona taxpayers’ pal

Screen Shot 2015-02-10 at 10.32.46 AMBy Howard Fischer | Capitol Media Services/Your West Valley View

Arizona taxpayers may get a bit of relief from inflation.

By a 38-21 margin, the House Monday approved legislation that requires that income tax brackets be indexed annually to account for inflation. The vote was largely along party lines in the Republican-controlled chamber.

Current law set specific break points between tax rates. So income up to $50,000 is taxed at 2.88 percent; above that to $100,000 is 3.36 percent.

HB 2001 would adjust that for inflation. So if inflation is 2 percent, the cut point would move to $51,000.

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