fiscal cliff, tax giveaways, taxes, tax cuts, Legislature
" data-image-caption="Arizona House members are poised to jump off of a fiscal cliff by passing 18 tax giveaways… with an unknown cost to future budgets.
" data-medium-file="https://i0.wp.com/powersforthepeople.net/wp-content/uploads/2020/02/fiscal-cliff-3-crop-sig-box-nl.jpg?fit=300%2C201&ssl=1" data-large-file="https://i0.wp.com/powersforthepeople.net/wp-content/uploads/2020/02/fiscal-cliff-3-crop-sig-box-nl.jpg?fit=648%2C434&ssl=1"/>
The sheer volume of tax credits, tax cuts, tax shifts, and miscellaneous tax giveaways in this Legislative session is mind boggling. Will the Arizona House pass one billion dollars in tax giveaways in 2020? It could happen. To say that this behavior is fiscally irresponsible is a gross understatement.
The House Ways and Means Committee has passed 18 tax giveaways in 2020, and those bills are now hitting the House floor for debate and votes. Six of the 18 already have passed the House: HB2355, HB2356, HB2293, HB2732, HB2778, and HB2779. (See descriptions below.) These six will eliminate hundreds of millions of dollars in future revenue from the General Fund, and there are 12 more tax giveaways to be voted on. As noted in previous blog posts, these tax giveaways primarily benefit large corporations- like Microsoft, APS, TEP, SRP, SW Gas- specific business groups or industries, and wealthy Arizonans.
It is often said that a budget is a moral document. In our state budget, the Legislature supports corporations and wealthy Arizonans with never-ending, multi-year tax giveaways, that often have inflation adjusters. Arizona wouldn’t have an affordable housing problem, crumbling infrastructure, and grossly underfunded education system if the Legislature had long-term plans and multi-year, inflation-adjusted budgets to address those problems. Instead, programs and services that benefit the people of Arizona are lucky to get one-time funding and beg for more each year (or pass citizens initiatives). We don’t have a budget surplus; we have chronically underfunded programs.
Continue reading What Is the Cost? 18 Tax Giveaways Pass #AZ House Ways & Means (video)