Tax Cut -- State Income Tax
As I've said before, it's time for Utah to give it's citizens a break on their taxes. The budget is sound, and we have surpluses.
As this article hints, the House is driving for a tax cut, without a lot of help from other quarters at this time. But, that's what makes the process enjoyable -- believing something will be good for the people and, then, working to make it happen.
Because the surplus is largely coming from the income tax and because reductions in income tax give the largest return in terms of future economic activity, this seems like the appropriate place to cut. Most Utahns paying income tax quickly fall into the top bracket (which has not been adjusted to keep track with inflation) and pay the highest rate. By not adjusting the brackets to keep track with inflation, Utahns' effective tax rate actually increases. Even if there weren't such high surpluses, adjusting the brackets would be an appropriate thing to do.
As this article hints, the House is driving for a tax cut, without a lot of help from other quarters at this time. But, that's what makes the process enjoyable -- believing something will be good for the people and, then, working to make it happen.
Because the surplus is largely coming from the income tax and because reductions in income tax give the largest return in terms of future economic activity, this seems like the appropriate place to cut. Most Utahns paying income tax quickly fall into the top bracket (which has not been adjusted to keep track with inflation) and pay the highest rate. By not adjusting the brackets to keep track with inflation, Utahns' effective tax rate actually increases. Even if there weren't such high surpluses, adjusting the brackets would be an appropriate thing to do.
posted by steve u. at 9/26/2005
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6 Comments:
Steve, I enjoy your random commentary on the issues of the day but I was wondering where I can find a statement of your positions on the major issues in a concise matter. Is there one on your website? If so, where?
Position statements are spread throughout the various entries. I'll pull some of them together and post them on the main page of steveu.com. Thanks for the input.
It's funny, but every time we get close to passing some kind of tax decrease, media organizations come up with all kinds of survey results where the majority of taxpayers say we shouldn't cut taxes. (Hint - watch for this to happen in this instance as well).
How do they design these surveys and where do they get their participants? Who in the world would tell you with a straight face that the government ought to keep their money because the government can manage it better than themselves? If people really think that, they should go ahead and send in the money they are unable to manage as wisely as the government, and leave the rest of us out of the equation.
the taxation of labor and property is immoral and unconstitutional.......
http://www.givemeliberty.org/
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Scott, when government redistributes wealth, some win and some lose. Some of those who use government to take and spend a disproportionate amount of other people's money really like the status quo.
Good point. Who else would they find to take those surveys?
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