Tucson, Arizona 2021-07-02 15:45:00 –
“Arizona has many more important priorities to focus on before making significant tax cuts for the rich, such as funding public schools, funding children’s health care, and infrastructure. I’m thinking, “said Mr. Lujan.
The legislative changes are the result of two separate forces.
Many Republicans have long insisted on flat tax rates.
The current system has multiple brackets, with couples earning up to $ 53,000 a year starting at 2.59% and earning more than $ 318,000 at 4.5%. This will gradually replace everything with a single 2.5% rate.
Separately, Ducey and Republican lawmakers said that if Proposal 208 were allowed to come into effect as it was created, it would undermine economic recovery.
This is because the bill imposes an additional 3.5% on revenues of $ 250,000 or more per year for individuals and $ 500,000 or more for couples. Combining it with a maximum tax rate of 4.5% brings an effective tax rate to the wealthiest people of 8%, one of the highest tax rates in the region.
Parliamentarians have been approved by voters and cannot revoke additional charges. Instead, they created a new maximum tax rate of 4.5%, effectively reducing the tax rate on other incomes of affected people to 1%.
However, the plan still funded education from kindergarten to high school, and what the wealthy do not pay comes from the general tax revenues paid by everyone else.
Education funding organizers want public vote on Ducey’s tax cut plan | Government-and-politics Source link Education funding organizers want public vote on Ducey’s tax cut plan | Government-and-politics