Figure 1: Arizona Voters Approved a $23,000 Average Tax Increase on the Top 1%. Some Lawmakers Want to Replace that with a $3,000 Tax Cut.
Voter-approved tax increase refers to Proposition 208. Tax cut under legislature's proposal is expressed relative to law as it existed before Proposition 208, meaning that the net effect relative to current law is a $25,981 tax cut for the top 1 percent.
Source:Institute on Taxation and Economic Policy, May 2021