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Actual and Adjusted Ongoing Revenues per $1,000 of Personal Income, Arizona State Government General Fund

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Visualization Notes:

Had no tax law changes been passed in Arizona since the early 1990s, general fund revenues would have been much higher than actual revenues. Though this adjusted revenue still would have been cyclical, the magnitude of the cyclical swings would have been less than actually experienced. Adjusted revenues in fiscal years 2009 through 2014 were below the historical norm, illustrating the length and depth of the last recession and the slow recovery that has followed.