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Arizona voters OK new tax on high earners to fund schools

AP News and Arizona Republic |

Arizona voters have approved Proposition 208, a new tax on high-earning residents that could bring in nearly $1 billion of new revenue annually to the state’s underfunded school system.

“By voting Yes on 208, Arizona voters made it loud and clear they want teachers to be compensated properly and have the resources needed to successfully educate their students,” said Joe Thomas, President of the Arizona Education Association, the state’s largest teachers union.

The measure, also known as the Invest in Education Act, will raise revenue primarily for educator salaries by adding a 3.5% tax surcharge on taxable income over $250,000 for individuals and $500,000 for couples. A small fraction of taxpayers would be affected.