March 16, 2023
Possible Arizona tax cuts could mean trouble during an economic downturn
In This News Story: Jim Rounds

KJZZ – Possible Arizona tax cuts could mean trouble during an economic downturn

There are a number of proposals at the Arizona Capitol to reduce taxes — from eliminating the sales tax on groceries or diapers and feminine hygiene products to exemptions on state income taxes for new businesses.

Any reduction in taxes obviously means a reduction in the amount of money the state brings in. But, voters in November also approved a requirement for any future ballot measure that would raise taxes to have 60% support, rather than a simple majority. And, the Legislature needs a supermajority to raise taxes itself.

This all raises the question of what may happen during the next economic downturn, when the state may be looking for new sources of revenue.

Jim Rounds, president of Rounds Consulting, joined The Show to talk about it.

LISTEN HERE

Related Posts

Job openings fall for four consecutive months

Job openings fall for four consecutive months

ABC15 - DATA: Job openings fall for four consecutive months The hiring signs are starting to disappear from storefront windows. Labor Department data shows another decline in job openings for the month of March. In March, there were 9.5 million job openings. This was...