And our taxes get even lower.
Arizona is the latest state looking to lower its income tax rate, citing a budget surplus despite the economic havoc wrought by the coronavirus pandemic.
Gov. Doug Ducey last week signed a budget that includes a transition from the state’s current progressive tax structure to a flat tax rate of 2.5%, which would provide an estimated $340 reduction in the average state income tax payment.
Ducey said Arizona is able to proceed with the tax cut because the state’s economy is “booming” and has generated a budget surplus.
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