Thursday, September 29, 2022
FOR IMMEDIATE RELEASE
Arizona Ranks #1 in the Nation for Economic Performance
PHOENIX, ARIZONA— Thanks to the leadership and policies of fiscally conservative Republicans serving at the Arizona State Legislature, the Grand Canyon State is now designated number one in the nation this year for economic performance and third for economic outlook.
The annual Rich States, Poor States report released by the American Legislative Exchange Council (ALEC) reveals each state's competitiveness and economic outlook based on 15 economic variables. The report shows that cutting taxes, paying down debt, and maintaining free market policies have significantly enticed new residents and businesses to relocate to Arizona. On the flipside, when these principals are ignored, the report shows the consequences of a mass exodus from states where prosperity is dwindling.
"Arizona is one of the fastest growing states in the country, and there's good reason for it," said Senator Vince Leach (R-11). "One of our top priorities as Senate Republicans is to work for the wallets of our taxpayers who elected us to represent them. This year, we paid down a massive $1.3 billion in state debt, which will ultimately reduce ongoing costs by $119 million, beginning in FY 2024. Last year, we passed the largest income tax reform in Arizona history. Valued at more than $2 billion, this tax reform will reduce individual tax rates to 2.5% by 2024, resulting in our state having the lowest flat tax in the nation! This will save our taxpayers hundreds of dollars per year and spur additional economic growth."
Also this year, Senate Republicans set their focus on reducing another tax: the property tax. Homeowners and renters are feeling the pain when it comes to rising prices on housing. While this is ultimately an issue of supply and demand, the government can and should reduce the tax burden where it can reduce the cost of housing. The FY 2023 budget provides some property tax relief to homeowners by eliminating the $331 million state equalization tax rate.
"As our nation enters into a recession, thanks to failed policies of our Democrat-controlled federal government, Senate Republicans have positioned Arizona to successfully weather this economic storm," said Sen. Leach.
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For more information, contact:
Kim Quintero
Director of Communications | Arizona State Senate Republican Caucus
kquintero@azleg.gov