States slashing, scrapping taxes to draw residents, biz
States address economic uncertainty on own terms
Arizona switched from a progressive taxing system like the feds to flat tax in which everybody now pays the same low rate…
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In an era of economic uncertainty, a quiet rebellion has been brewing across the country: states are slashing or even scrapping their income taxes, promising bigger paychecks, booming businesses, and a magnet for population growth.
Arizona reports remarkable results since changing its taxing strategy. Arizona once had a progressive tax system like the federal income tax: the more you made, the greater percentage of your income you had to pay. But now, the state has a flat tax where everybody now pays the same low rate.
Republican state Senator J.D. Mesnard was a key architect of the state’s flat tax, and Full Measure spoke with him on a recent reporting trip to Arizona.
“When I got into office 15 years ago, one of my goals was to try to collapse [Arizona’s tax brackets], simplify that, and then one day, maybe start ratcheting it down closer to zero,” Mesnard said.
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