- June 30, 2021
- Posted by: Stratford Team
- Category: Business
PHOENIX (AP) — Arizona Senate Republicans voted Tuesday to further shield some of the state’s wealthiest taxpayers from a tax increase approved by voters last year to boost education funding.
If Republican Gov. Doug Ducey signs off as expected, income from estates, trusts and business profits won’t be subject to a voter-approved 3.5% surcharge, reducing school funding by several hundred million dollars per year.
The move comes on the heels of last week’s massive tax cut that directed most of the benefits to the wealthiest taxpayers. That plan lowered tax rates to 2.5% for most people and 4.5% for income affected by Proposition 208.
Between the two tax cuts, affected taxpayers will see their highest rate drop from 8% to 2.5%.
“It’s really very discouraging to see the will of the voters overturned in this manner,” said Sen. Kirsten Engel, a Tucson Democrat.
Republicans said the measure is needed to ensure Arizona remains an attractive place…
