The Economic Minute: State share of income tax shrinks
Economist Dennis Hoffman shows that taxpayers are paying less as a percentage of their incomes to support state services than they did 30 years ago.
Economist Dennis Hoffman has been forecasting General Fund revenues for Arizona governors since the early 1980s. At the annual Executive of the Year luncheon sponsored by the W. P. Carey School of Business on April 17, 2014, Hoffman showed that taxpayers are paying less as a percentage of their incomes to support K-12 education, universities, public safety, health and welfare, etc., than they did 30 years ago. A relatively small number of high income individuals, meantime, contribute 40.8 percent of total income tax. Slides.
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