Some Phoenix businesses willing to give up tax cuts to help schools

PHOENIX — A Phoenix businessman said some of his colleagues would gladly give up their business tax cuts – if it meant helping better fund public education in the state.

During a press conference Thursday, Dick Foreman did not name the colleagues, however, he said he’s talked informally with a number of them recently.

Related: Poll: Likely Arizona voters care most about education

“I can tell you, anecdotally: A vast majority of business leaders – that are in tune with the needs of public education – are indeed concerned about tax credits and their impact on education funding,” he said.

Foreman heads a group called Arizona Business and Education Coalition, which is allied with a new education coalition called AZ Schools Now. The coalition is urging lawmakers to give at least $1 billion to schools this legislative session.

AZ Schools Now has suggested 10 renewable revenue streams to help get that money and sustain funding. Among them are:

• Raise income tax rates for households with incomes above $500,000 ($250 million)

• Redirect “results-based” funding that is only going to A-rated schools ($38 million)

• Increase the minimum corporate income tax to $500, must be paid after credits claimed ($17 million)

• Freeze individual and corporate income tax cuts still phasing in ($22 million)

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