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Examines Arizona’s individual and corporate income taxes, making comparisons to other states. Individual and corporate income tax rates have both been lowered several times in Arizona since the early 1990s, and various other modifications made to the income taxes—such as the creation of new tax credits—also have reduced the revenue received by state government from these taxes.
After earning a B.A. in economics from the University of California at Berkeley, Tim received a M.A. in economics from the University of California at Davis and a Ph.D. in economics from Virginia Tech University in 1971. Tim was a faculty member in the ASU Department of Economics from 1970 until he retired in 2004. He began working for the predecessor of the L. William Seidman Research Institute in the 1970s and has been associated with the Institute since it was established, serving as director from 1995 through 2004.
An update to the November 2022 paper that presented data through 2021, estimates are presented of the number of ASU graduates working in Arizona, as well as their average wage, aggregate wages, and tax payments. Estimates are made for each year from 2012 through 2022.
The spending of Arizona State University and its employees, students, and visitors in fiscal year 2023 had the following direct, indirect, and induced impacts on the Arizona economy: gross product of $5.75 billion, labor income of $3.58 billion, and employment of 56,930.
Since the early 1990s, the Arizona Legislature has repeatedly reduced tax rates and narrowed tax bases of revenue sources used by state government — particularly of those sources providing revenue to the general fund. The tax reductions usually were passed with the…