Arizona taxpayers will actually save more than the original estimate of $1.1 billion over the next three years if the Republican majority in the Legislature passes its tax plan, according to a think tank.
The amount goes up if the federal government's SALT deduction standard is factored in, said Glenn Farley, the Common Sense Institute Arizona’s director of policy and research.
Last week, Arizona state Republicans unveiled their new tax plan, which they expect will save taxpayers $1.1 billion. Things included in the tax plan include no taxes on tips or overtime, income deductions and an increase to child tax credits.
But Farley told The Center Square that the amount is greater when the SALT deduction, already in effect in Arizona, is included. He said the deduction is the “subtraction of your federal income taxes for your state and local taxes paid in the prior year."
Read Full Article Here
