Governor Doug Ducey today signed Arizona’s budget-conservative 2022 budget, which cuts taxes for all taxpayers while investing in education, transportation, public safety, public health, water security and other key areas that matter to the Arizonans.
“Today, I am proud to sign a budget that benefits the people of Arizona,” Governor Ducey said. “Every Arizona taxpayer, regardless of income, will benefit from a tax cut as part of our historic tax reform. This means that job creators will continue to choose our state to expand their businesses, that working families will decide how they spend more of their hard-earned money, and those who have served our country will rightfully keep more of their money. their own money. As we give money back to taxpayers, this budget makes responsible, targeted and substantial investments in the things that matter. As part of this budget plan, Arizona is paying off over $ 1 billion in debt, helping protect families with the nation’s most comprehensive child care program, and making record investments in the country. primary and higher education, infrastructure, public health and public security.
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Arizona’s budget fulfills Governor Ducey’s pledge to ensure that working families, small businesses, veterans, and all Arizona taxpayers can keep more of their hard-earned money. It implements a three-year, 2.5% flat-rate tax effective Jan. 1, 2022. The tax plan saves every Arizona taxpayer, regardless of income, money, money, and money. ” eliminate taxes on veterans’ military pension income, increase the charitable contribution deduction to 100%. , and protects small businesses from a 77.7% tax increase.
the Washington post and the The Wall Street Journal Editorial Board columns published on the tax front and the impact it will have on Arizona. Additionally, a guest advisory from Governor Ducey, President Fann and President Bowers on historic tax reform was published in the Phoenix Business Journal last week.
As part of Arizona’s budget, nearly $ 1 billion in debt is paid off, and another $ 1 billion helps reduce the state’s pension liabilities. It also invests in areas such as public safety, including $ 13 million for state trooper body cameras and $ 55 million for border security; educational resources, including $ 30 million for school transportation and $ 50 million for assistance to students with disabilities; $ 100 million for forest fire prevention and mitigation efforts; $ 47.2 million to develop early literacy programs for children across the state, and more.
Arizona’s FY22 budget highlights include: