The big-spenders are ecstatic. You can almost hear them screaming, their fists clenched with cash, “look at all this money!”

Yes, there’s been a great deal of fanfare and hoopla about Arizona’s revenue collections recently, particularly given the record set in April when the state realized over $1 billion in revenues. News outlets used terms like “windfall” and “surplus funds” to describe Arizona’s boon, an amount that really did not surprise many insiders. The question now is: what do we do with all this money?

I have an idea. Give it back.

Given the Arizona economic and political climate, the time is ripe for substantial tax relief. First of all, we haven’t had such a tax cut since the Symington administration. The 5 percent business property tax cut recently passed by the Legislature is a decent step, but it should have been larger and phased in faster. Other than that, the most bragged-about tax relief Republicans were able to muster this year was for filmmakers and angel investors. As far as pro-growth policies go, those two fail to qualify.

Second, while it may not be obvious during the current housing and real estate boom we find ourselves in, Arizona is in dire need of a stimulus package. A good portion of the current influx of tax revenues comes from investor real estate gains and other development-related revenues. Once our hot housing market cools, so too do these gains.

Spending Has Grown 81% Since 1996

Which brings us to another good reason to push for tax cuts next year: if we don’t cut taxes, the state will spend the money. Just check the history books. State spending has grown 81 percent since 1996, while population plus inflation have only grown 53 percent. A large portion of the increase is formula driven, which the Legislature needs to get control of, but clearly, government programs are not starved for cash.

Couple the rate at which Arizona spends money with a slowdown in the housing market, and all of a sudden, Arizona has created a host of new programs without the money to pay for them. Budget deficits follow, and then pressure builds from liberals (both Democrat and Republican) to hike taxes.

The third, and political, reason to cut taxes is that it’s an election year. It takes a brave politician to hit the campaign trail having opposed a tax cut.

Yes, Arizona has a governor who would most certainly oppose broad-based tax cuts. However, we do have a Republican House and Senate, whose constituencies expect them to act like the party of lower taxes and limited government. Rather than continue to have excessive spending occur on their watch, the first order of business for Republicans next session should be a substantial income tax cut. If the governor vetoes, a nice campaign issue will have been created. The Legislature can then send the package directly to the ballot and let the voters decide. I bet that voters want their “surplus funds” back in their pockets.

Steve Voeller is president of the nonprofit Arizona Free Enterprise Club, which describes itself as advancing policies that promote economic growth, limited government, fiscal restraint and lower taxes. Mr. Voeller began the club in 1993 after serving as Congressman Jeff Flake’s chief of staff from 2000 until 2005. Its Web site is azfreeenterpriseclub.org