
FOR IMMEDIATE RELEASE: March 5, 2009
Nobel Prize-winning economist says a tax increase is a “mistake”
(STATE CAPITOL, PHOENIX) – Senate Majority Leader Chuck Gray, R-Mesa, is vehemently opposed to Gov. Brewer’s tax increase proposal and has the support of a Nobel-Prize winning economist who offered to meet with senators to come up with real solutions.
“I’m not voting for any taxes, and I don’t think that any of the caucus members or the majority of the Republicans are going to vote for new taxes,” Gray said.
Gray discussed the proposal with Dr. Edward C. Prescott, an Arizona State University Regents’ professor and Nobel Laureate in economics who agreed that a tax increase would be detrimental to Arizona’s economy.
“If you like depressions, it’s a good thing,” Prescott said. “Brewer is making a big mistake if she increases taxes….we need to do what is best for the people of Arizona.”
Prescott agreed to meet with Senate members to share his knowledge and develop real solutions to rectify Arizona’s economic problem.
Responding to the governor’s comments that once the Legislature saw ‘factual information’ they couldn’t be in denial any longer, Gray said, “I want to know where she is getting her facts. Senate Republicans know that tax increases are bad for the economy; that is our fact.”


