The proposed cuts are skewed toward the state’s top-income earners, with modest reductions for Social Security recipients and lower-income Utahns thrown in for good measure.
House Speaker Brad Wilson, R-Kaysville, at a new conference at the Capitol, Jan. 30, 2023.Republican legislative leaders announced a $400 million tax cut package on Thursday afternoon.
Legislative leaders previously said they were waiting for new revenue projections before deciding on the size and scope of any tax cut proposal. Those figures are due to be released to the public early next week. In the news release announcing the cuts, House and Senate leaders noted the average Utah family of four earning $80,000 per year would see tax savings of $208 per year, or just over $17 per month. That’sthat gave those same families an extra $8 per month.Utah is one of a handful of states that taxes Social Security benefits, but recipients who make under a certain amount can get that money refunded.
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