Arizona Doubles Income Tax for Higher Earners

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Arizona Doubles Income Tax for Higher Earners
Arizona's extra revenue will go into its education budget.
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Voters in Arizona raised state taxes on higher-income households.

Proposition 208 will nearly double the income tax rate on individuals who make more than $250,000 a year and married couples who make over $500,000.

It's a reversal of decades of lowering taxes for the top earners.

The extra revenue will go into the education budget.

Meanwhile, voters in Illinois rejected a similar tax hike and Colorado opted for a slight tax cut across the board.