Thriving Arizona Billionaires Should Be Paying Their Fair Share This Tax Day 

This Tax Day almost every Arizonan is facing higher costs with less access to safety net programs than last year. Yet, recent analysis from Americans for Tax Fairness shows that at least 11 out of 15 billionaires living in Arizona have seen their wealth grow millions or even billions since the last presidential election. Recent federal policies are to blame for this divide. 

Today, more than ever, policymakers need to ensure our state budget addresses this disparity. Our next state budget shouldn’t have to cut one program to fund another. We can choose policies like repealing the individual flat tax for Arizonans earning over $500,000 so we can invest in services that alleviate financial pressures for the struggling majority.  

$9.1 billion more wealth for Arizona’s 15 billionaires since the last presidential election 

An Americans for Tax Fairness report released earlier this week reveals Arizona’s 15 billionaires have increased their wealth by a collective $9.1 billion since the 2024 election. That’s more than half of our state’s General Fund. 

While not all billionaires increased their wealth, most did. Three billionaires are now at least $2 billion richer. Yet, they’re likely only paying half of what the poorest Arizonans pay in taxes since state policymakers passed the flat individual income tax cut – a $30,047 cut for the richest Arizonans. 

Federal policy changes have cost everyone except the richest  

At the same time, 99 percent of Arizonans are paying more for everything. Since the last election, most Arizonans are paying an average of $812 more for the basics including health care. In contrast, the richest 1% have seen average savings of $8,769. 

Federal policies such as H.R. 1, tariffs and the expiration of the enhanced health care tax credit premiums have only made it harder for Arizonans to afford their needs.  

H.R. 1, the budget reconciliation bill passed by Congress last year gave massive tax breaks to the wealthy and corporations at the expense of taking away health care and food assistance from many families and people. According to recent analysis from the Institute on Taxation and Economic Policy, H.R. 1 saved the richest Arizonans 1.2 percent but cost 0.3 percent for the poorest. For Arizona this already means 400,000 people losing access to food assistance.  

Arizonans in the middle 79 percent saw any H.R.1 gains completely wiped out by the high costs of tariffs. Those in the poorest 80 percent also suffered a hit from the expiration of the enhanced health care tax credit premiums. 

The richest Arizonans should be paying their fair share 

Every Tax Day, taxpayers contribute to the well-being and betterment of our communities. Unfortunately, recent federal policies and state tax cuts like the flat individual income tax have given the wealthiest Arizonans a free pass.  

Similar to the FY2025 budget deficit situation, continued tax breaks for the wealthy are once again creating budget headaches this year. State policymakers shouldn't be considering additional cuts to agencies or renewing Proposition 123 to fill budget holes. Policymakers have the power to change this trajectory.  

Instead, they should be ensuring that the richest Arizonans pay the same if not more than the poorest. State policymakers can do this by simply repealing the flat individual income tax for those who make more than $500,000 – a $0 cost for those in the lowest 95 percent. This policy could bring in about $647 million in state revenue to invest in things most Arizonans need to get by and get ahead, like affordable health care and food assistance.