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News & Press: Arizona Business News Updates

AZ Biz News: No State Income Tax....Really? [VIDEO]

Wednesday, June 18, 2014   (0 Comments)
Posted by: Arizona Small Business Association
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Three candidates vying to become Arizona’s next Governor have said if elected, they would do away with state income taxes that currently provide over $4B of revenue to Arizona each year. Steve Slivinski, Sr. Economist for the Goldwater Institute, said he likes the idea and there are a number of variations that could work.

 

“The general presumption about getting rid of an income tax is the goal is to try to veer or transition the state to a more consumption based form of taxation. That could be done in a number of ways. It can be done through the sales tax, as many states do. We can also do it in another way; You can actually create a tax space where you say, ‘Okay, we have an income tax,’ let’s say it’s a flat income tax rate across the board, what we often call ‘flat tax.’ Then you allow unlimited exemptions for savings and investment. Well, from an economists perspective, all that’s left once you’ve exempted saving and investment, is consumption, and if you’re taxing that at a flat rate across the board, you actually get to a sales tax ‘through the back door,’ if you will.” - Steve Slivinski, Sr. Economist for the Goldwater Institute

 

Last week PayPal launched its website Passport, designed to educate and empower small businesses with free tools to help expand their global sales. Melissa O’Malley, PayPal’s Director of Global Merchant and Cross Border Trade Initiatives, says this is a huge opportunity for merchants.

 

“So when you go to the PayPal Passport website (paypal.com/passport) at the top you’ll see what we call a Heat Map, and that for example will be able to show you the sliding scale who’s buying and who’s selling. It will give you data on holidays, and you see these hot pink circles pop up. It will tell you, for example, March 11 is White Day in Japan and what types of products are selling there, or what corridors are the best sales corridors for that.” – Melissa O’Malley

 

 

 


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