Lawmakers in negotiation on $1B in tax cuts, flat income tax

Pixabay

By ggrado | Arizona Capitol Times

The House and Senate are in the midst of budget negotiations that could result in more than $1 billion in tax cuts and the implementation of a flat income tax in Arizona.

House Majority Leader Ben Toma, R-Peoria, said that while the details are still in flux, he believes support exists for the idea of phasing in a flat income tax over three or four years. He said he would like to see the rate around 2.5%.

“The idea is to kind of do a massive economic development bill and part of that is a sizable tax cut,” he said.

Toma said the bill would also include changes to property and sales tax numbers, and that the goal is to achieve tax reductions that are broad-based yet also targeted to “move the needle”  on economic growth. Toma stressed that the details are being negotiated and that some of the cuts would be offset by increases elsewhere, but he expects the overall tax cut will total more than $1 billion once it’s phased in.

READ ON:

Share this!

Additional Articles

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories