Senate Republicans Deliver Relief as Recession Looms with Early Implementation of Lowest Flat Tax
FOR IMMEDIATE RELEASE
Thursday, September 29, 2022
Senate Republicans Deliver Relief as Recession Looms with Early Implementation of Lowest Flat Tax in the Nation
PHOENIX, ARIZONA— Families and small business owners of the Grand Canyon State will soon get to keep more of their hard-earned dollars, thanks to early implementation of a historic flat tax package, championed by Arizona State Senate Republicans.
Last year, Senate Republicans sponsored and passed the largest income tax reform in state history. Valued at more than $2 billion, this tax reform reduces individual tax rates to 2.5%, resulting in Arizona having the lowest flat tax in the nation. This law was initially supposed to take effect in 2024, however, record revenues are allowing the state to expedite this relief to Arizonans one year early, now taking effect on January 1, 2023.
"This is incredible news for the hardworking men and women of Arizona," said President Karen Fann (R-1). "On average, families will save several hundred dollars a year, which will help take the edge off the pain at the pump and rising prices at the grocery store. It's heartbreaking to see so many people struggling to make ends meet, while Democrats in D.C. continue to spend at record rates and drive our country into a recession. This tax relief will also provide an incentive to small business owners to start their operations here in Arizona, while allowing them to invest more into their employees and into the growth of their companies. I'm thankful for the vision and collaboration of Senators J.D. Mesnard, David Gowan, Vince Leach, Rick Gray and Sonny Borrelli that got this tax reform across the finish line. Arizona taxpayers are winning because of their leadership."
For more information, contact:
Director of Communications | Arizona State Senate Republican Caucus