![]() ![]() The new rate took effect at the start of 2023 rather than 2024 due to record revenue pouring into the state’s General Fund-the result of a thriving economy. That’s why the Goldwater Institute is proud to have simplified the state’s tax laws and reduced the burden on Arizona’s taxpayers by implementing the 2.5 percent flat tax rate. It’s always good policy to keep taxes low and uncomplicated, but it’s all the more critical in these uncertain times. With inflation continuing to soar and a recession looming, the last thing Americans need is the government taking more of their hard-earned money. “Essentially, what this is doing, is collapsing all of those and lowering them into a 2.5 percent flat tax income rate that everyone pays.” So depending on how much you make, that can put you into a higher tax bracket,” she added. 1, “Arizona’s income tax based on a tiered system. ![]() “This is going to be significant for Arizona families,” Bentley said. It’s policies like that which have led Arizona to be one of just five states to receive an “A” grade in the Cato Institute’s recent Fiscal Policy Report Card. While Washington lawmakers search for ways to hike taxes on hardworking Americans so they can increase spending by trillions of dollars, Arizona is providing a blueprint for economic growth and opportunity.Ĭase in point: As Goldwater Institute Director of Government Affairs Jenna Bentley told 12 News KPNX in Phoenix, Arizona’s historic tax relief law, which the Goldwater Institute helped write and pass last year to establish the nation’s lowest flat tax rate, took effect on Jan. ![]()
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