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 cost of rousing the U.S. economy from its near-coma could escalate dramatically if the slow-motion trauma team in Congress foot-drags until next year.
Phoenix, AZ -- Goldwater Institute economist Stephen Slivinski responded today to a proposal by Senate President Randall Gnant (R-Scottsdale) to create a new, statewide property tax to help cover an estimated $240 million of the budget deficit. Says Slivinski, "The Gnant tax will retard growth, punish homeowners, and do nothing to address the problem at the root of the deficit.
Arizona's Legislature just finished the special session adjusting spending to revenue in order to fix a deficit for 2002 that was about $800 million short and is now attacking a 2003 deficit of about $1 billion. This budget crisis is a product of irresponsible and out-of-control government spending during previous years.
Phoenix, AZ-If you are an Arizona taxpayer and have a professional prepare your taxes, beware. In an effort to save you five dollars, the accountant may have signed you up to support the state's Clean Elections scheme.
Arizona's state government is facing a fiscal crisis. Over the next two years the state is projected to spend $1.6 billion more than it can expect to take in from taxes.
This report examines the effects of eliminating the state's corporate and personal income tax on Arizona's economy. It finds that by the year 2016 eliminating the income tax would lead to a 42 percent increase in personal income above what may be expected under the present system. By that same year, 606,400 more jobs would be created. More importantly, more jobs would be created in sectors with annual wages that are higher than the statewide average. By increasing this proportion of high-paying jobs, Arizona's economy would be liberated from the stranglehold that low-paying service and retail jobs currently possess.