(Phoenix, AZ) – Today the Senate Finance committee passed HB2528 which will provide 183 millionaires in Arizona who each make more than $5 million a year an average tax cut of $28, 415 on their capital gains from the sale of capital assets such as stocks, bonds, and real estate. This tax cut will reduce state revenues by $23 million by fiscal year 2023 while critical needs, like increasing teacher pay to address our teacher shortage crisis, go unresolved. Contrary to proponents’ claims, HB2528 is not likely to foster investment and spur economic growth in Arizona since any new investment encouraged by the legislation could take place ANYWHERE in the United States or the world.
Today’s committee hearing was held in a room overflowing with Arizona’s public school teachers wearing red in support of #RedforED and who are at the State Capitol to demand a bipartisan plan to properly fund Arizona’s public schools. Rather than providing a tax cut for millionaires, if the Arizona legislature wants to grow our economy, they should invest in the teachers who were in the hearing room today and the thousands of teachers across Arizona who are educating the skilled workforce Arizona needs to attract more quality jobs and greater economic prosperity for all Arizonans. Arizona needs fiscal policies that will enable all Arizonans an opportunity to move up the economic ladder, not a tax cut for millionaires.
Contact: David Lujan
(602) 266-0707 x203
Wednesday, March 21, 2018
The Arizona Center for Economic Progress
3030 N. 3rd St., Suite 650
Phoenix, AZ 85012