Robb: Don't give taxpayers their money back just yet, Arizona
CLOSE The most sweeping tax overhaul in three decades will make big changes to how families pay their taxes. The bill lowers tax rates for all income groups, but caps or eliminates many popular deductions. (Dec. 21)
Paradoxically, the federal tax cuts will result in higher state tax collections.
How much is highly uncertain. But it’s not chump change.
The preliminary estimate of the Arizona Department of Revenue is $236 million. The Legislature’s budgeteers peg it at a more conservative $133 million. But both teams of quants say they are just beginning to feel their way through the data.
A... read more
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