Proposed Earned Income Tax Credit Is a Trojan Horse for Universal Basic Income
By the Arizona Free Enterprise Club |
Last year, the legislature passed historic tax cuts. The package was fair, lowering rates for all Arizonans across the board. Despite an effort funded with out of state millions to block the package and place it on the ballot, the cuts are in effect, and over the next two years our income tax will phase down to a single, flat rate of 2.5%.
That is what good tax policy looks like. Unfortunately, some legislators don’t want to be in the business of passing good tax policy. All too often they want to play the game of doling out taxpayer dollars to their special interest friends at the capitol, or to individuals in just straight welfare.
We have highlighted some of the bad tax credit programs being considered by lawmakers this year – hundreds of millions to woke Hollywood movie producers, millions to large corporations to fund liberal causes, both following millions doled out last year in corporate welfare.
In addition to these schemes, lawmakers are currently considering a measure, SB1018, to create a refundable “earned income” tax credit at the state level…