By 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.
