The Utah Legislature's promised tax cuts come with a cost. Revenue not collected or sent back to Utahns is money not spent on state programs or Utah’s historically low per-pupil education funding.
Legislative leaders have promised a massive tax cut this year. In December, they set aside $400 million of a projected $2 billion surplus revenue for tax reduction, showing they intend to make good on that promise.that included expanded exemptions for dependent children and reduced taxes for retired military members and Social Security dependents.before the session was even half over. That included $160 million to drop the state’s flat income tax rate for individuals and corporations from 4.
Those tax cuts do come with a cost. Revenue not collected or sent back to Utahns is money not spent on state programs or Utah’s historically low per-pupil education funding.aims to drop the state’s income tax rate from 4.85% to 4.65%, which doubles last year’s tax cut and carries a price tag of more than $379 million annually.
Abbott’s bill isn’t the only idea being bandied around during the 2023 session. Gov. Spencer Cox floated giving every taxpayer a one-time rebate check ranging between $100 and $1,345 depending on income level, though there does not seem to be much enthusiasm from lawmakers to move forward on that.
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