\/Capitol Media Services photo by Howard Fischer
By Howard Fischer | Capitol Media Services via Arizona Capitol times
Gov. Doug Ducey said Monday he’s not worried that a stock market in disarray and fewer visitors will undermine his call for lawmakers to approve a new tax cut.
“Of course we’ll be factoring in the situation of what’s happening in the economy,” the governor said when asked about plans, both his and by Republican legislators, to cut taxes. Those plans were unveiled before COVID-19 became a worldwide issue and patients in Arizona have become infected.
He said the economy has been “robust” until now.
“This is, of course, affecting the economy,” Ducey continued. “There’s no doubt about it.”
But the governor said the state is in far better financial condition now than it has been in years. He also cited the $1 billion available in the state’s “rainy day fund,” about 8 percent of his proposed $12.3 billion spending plan for the coming year.
Ducey also said he is resisting various legislative proposals for tax cuts that would reduce revenues by $300 million or more, measures that already have been approved by Republican-dominated House and Senate committees.
Instead, he is pushing his own proposal – the one he trotted out during the State of the State speech – to eliminate all income taxes on pensions paid to retired military. And the price tag on that is only about $43 million a year.
