Public Finance

Capital Gains in Arizona and the Effect on State Government General Fund Revenues


Dennis Hoffman, Ph.D.
Director, Office of the University Economist; Director, Center for Competitiveness and Prosperity Research; Professor of Economics

Reviews the cyclicality of capital gains and the impact of these fluctuations on general fund revenues. Capital gains are highly cyclical, but during periods of high capital gains, the increase in general fund revenue has not been perceived to be transitory; instead, permanent tax reductions and spending increases have been made.


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Dennis Hoffman, Ph.D.
Dennis Hoffman, Ph.D.
Director, Office of the University Economist; Director, Center for Competitiveness and Prosperity Research; Professor of Economics

Dennis received a B.A. in economics and mathematics from Grand Valley State University, a M.S. in economics from Michigan State University, and a Ph.D. in economics from Michigan State University in 1978. He has served on the faculty of the Department of Economics at ASU since 1979, as director of ASU’s L. William Seidman Research Institute (2004-24), and as the director of the Office of the University Economist since 2005.


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