![]() ![]() What the measure also is, Livingston said, is a matter of equity. They hit $368 million when the rate reached 4.9 percent but rose to $847 million by 2021, even at the lower rate. In 2013, when the corporate rate was close to 7 percent, collections were $662 million. That had led to a volatility over the years. Some of that is because corporations have great flexibility in how and when they compute and pay their taxes. David Livingston, R-Peoria, the author of HB 2003, pointed out that even legislative budget staffers concede the estimates of lost revenues are "highly speculative.'' "We could send relief to Arizona renters and homeowners by quadrupling the state's current investment in the Housing Trust Fund.''īut Rep. "We could give our teachers a $10,000 raise, taking them from 44th in the nation to 19th,'' the Tucson Democrat said. ![]() "There are better places we can invest more than half a billion dollars than on corporate welfare,'' said House Minority Leader Andres Cano. And that follows a series of cuts a decade ago that dropped the rate from nearly 7 percent. The party-line votes Wednesday by both the House Ways and Means Committee and the House Appropriations Committee came over objections from all the Democrats on the panel who questioned both the wisdom and the need to take the tax rate from its current 4.9 percent to 2.5 percent by 2026. PHOENIX - Republican lawmakers are moving to cut income tax rates for Arizona corporations by nearly half, a move legislative budget analysts say eventually could cut state revenues by nearly $670 million a year. ![]()
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