The Arizona House rejected a bill to require that income tax rates be cut automatically any time the state's government runs a surplus.
Howard Fischer PHOENIX — The Arizona House rejected a bill to require that income tax rates be cut automatically any time the state's government runs a surplus.
People are also reading… It also would tie the hands of future lawmakers, he said, and wouldn't leave wiggle room for cutting other taxes. But the analysts presume that, at some point in the future, tax collections will grow faster than inflation and population. Under the bill, a $200 million structural surplus, for example, would have required reducing revenues by $100 million, something that would cut the income tax rate from 2.5% to 2.46%.
Sen. Mitzi Epstein, D-Tempe, found fault with it when the bill when it was approved earlier this year in the Senate. Taxes also could be increased by voters at the ballot, but any such measure requires at least a 60% margin of approval. During Senate debate on the idea, Sen. Priya Sundareshan, D-Tucson, said putting such a provision into statute fails to acknowledge there are times the state needs to use its surplus.
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