Tax Reform
Americans are a hard-working bunch and should keep what they earn. Our ideas for tax reform reduce the burden of taxes while ensuring governments have the resources to focus on core responsibilities.
The table below compares Arizona to its neighbor states on ten indicators of economic strength. Three of the rankings assess economic freedom, three assess the state’s business climate, three assess the state’s tax climate and one examines the cost of living.
I’m a relative new-comer to Arizona, having lived here only five years. But I’ve traveled the length and breadth of the state, visiting more places than most native Arizonans have ever visited, if my personal sampling is any indication. Considering that, the degree to which Arizonans believe tourism is an economic powerhouse and worthy of government support is striking.
If you were to move across the state of Arizona, certain things wouldn’t change. Traffic laws would be the same, for instance. But what you pay taxes on might change. That’s because the sales tax base in Arizona differs from city to city. Something that is not taxable in one jurisdiction may indeed be taxable in another.
Contact: Rob Kramer, (602) 633-8961
Just in time for Global Entrepreneurship Week, a new report shows that states with a larger share of entrepreneurs do a better job at reducing poverty than states with fewer entrepreneurs.
The tax debate in states over the past few decades has been largely centered on how high or low taxes should be. This is an important concern; but recently the conversation seems to have shifted to a debate about fundamental tax reform that alters radically how a state collects revenue.
The supporters of making the temporary 1-cent sales tax increase permanent – which is what the passage of Proposition 204 would do – claim that what they are proposing isn’t a tax hike, it’s simply an extension of an existing tax.
At 6.97 percent, Arizona has one of the highest corporate income tax rates in the West. Despite this fact Arizona's economy keeps motoring along. Unemployment remains low and average earnings continue to rise, now just over $40,000. But like any NASCAR champion will tell you, if you want to stay ahead of the pack, you have to improve every year.
Hard working entrepreneurs are responsible for the state's growing prosperity. The best thing Arizona policymakers can to do to help them keep on keeping on is lower corporate income taxes.
Contact: Rob Kramer, (602) 633-8961
While the economy is slowly recovering around the country, unemployment in Arizona is still higher than the national average at 8.3 percent. But some states, like Texas, have recovered every job lost during the recession and then some.
A new report released today, “Lessons from Texas on Building an Economically Healthier Arizona,” examines the secret to Texas’ economic success and explains what ideas Arizona could borrow from the Lone Star State to boost job growth.