Tuesday, December 22, 2009

Economist Marshall Vest: "We’re Not Going To Ruin The Economy By Raising Taxes Here"

Posted By on Tue, Dec 22, 2009 at 7:43 PM

Marshall Vest repeated his warning that the state budget is "unsolvable" during a talk with Arizona Illustrated's Bill Buckmaster. Watch the segment after the jump.

I spoke to Vest earlier today as part of a legislative preview piece I'm working on for next month. He threw cold water on the proposal to just cut more taxes and wait for the economy to rebound. That economic plan has been floated by some House Republicans, including Rep. Frank Antenori, and gubernatorial candidates John Munger and Vernon Parker, who are opposed to Gov. Jan Brewer's proposal to raise sales taxes.

“The argument is that if you could only cut taxes, you could stimulate the economy,” Vest says. “But the fact is that tax cuts do not pay for themselves. If you cut a dollar out of your taxes, you might get a nickel back.”

Vest says the state needs to increase taxes—whether sales, income or property—because the state can't cut its way out of the problem.

“In fact, our tax burden is not high,” Vest told me. “The state doesn’t ask very much of its taxpayers…. We’re not going to ruin the economy by raising taxes here."

Vest expands on that thought in his interview with Buckmaster. Watch it after the jump.

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