(The Center Square) – Arizona and Nevada taxpayers would see their taxes rise by several thousand dollars if the 2017 Tax Cuts and Jobs Act is not extended, according to a report released Thursday by the National Taxpayers Union Foundation.
Arizonans would see an average tax increase of nearly $3,000, the foundation said.
This is money Arizonans could have used for rent, gas or buying a new air conditioner unit, Mattias Gugel, NTU’s director of State External Affairs, told The Center Square.
He added that federal lawmakers need to extend the tax cuts so Arizona families don’t get slammed.
The impact is expected to be worse for Nevadans, who the report said would pay an average increase of almost $4,000 if the 2017 tax cuts are not continued.
The potential tax increase will cause Nevadans to spend less, Gugel said.
Furthermore, he pointed out that the state’s tourism industry could be impacted because people will have less money to spend.
Cities such as Las Vegas get a regular stream of visitors from not only Nevada, but California, where the foundation warns taxes could rise an average of $3,769, and other states. Those visitors could have less money to spend at hotels, restaurants, shows and casinos.
Additionally, if these tax cuts are not drawn out, the average life for families in Nevada and Arizona will be “even more expensive,” Gugel said.
The tax cuts benefit everyone and give average Americans more money “day-to-day” in their pocketbooks, he said.
”We wanna let taxpayers know really what this is gonna mean for their pocketbooks,” Gugel said.
He noted that if these tax cuts are not extended, it will cost people “thousands of dollars out of their paychecks every year.”
The state director said these tax cuts not being reupped will also impact small businesses.
“ It’s your local mechanic, it’s your bakery, it’s your HVAC guy who’s gonna get hit,” Gugel explained. “This is gonna really hit our local main streets and our neighborhoods if we don’t pass these tax cuts and re-up them at the end of the year.”
