Utah House and Senate Republicans announced their tax relief proposal today, which would total about $400 million in tax relief for Utahns.
Reduce all Utahns' income tax rate from 4.85% to 4.65%Provide a tax benefit for pregnant women by allowing a double dependent exemption for children in the year of their birthIf Utah's income tax rate drops to 4.65%, an average family of four making $80,000 would see a $208 reduction in tax liability.
The legislative package doesn't go as far as what the tax watchdog Utah Taxpayers Association wanted this year, a rate cut down to 4.5%. Adams and Wilson have said they're eager to give Utahns significant tax relief, they want to take a "measured" approach that won't cut too deep and threaten the state's strong budgetary standing.
"There is pressure to go lower. If we don't do it this year, there will be pressure next year," Adams said. "And I think income tax will have pressure for the foreseeable future."Cox proposed giving $400 million back to taxpayers in the form of a one-time rebate, which would equate to $100 for individuals and households making up to about $39,000 per year and as much as $1,345 for those making more than $178,000 per year.
All along, legislators have been favoring ongoing tax cuts over one-time rebates for lasting benefits for Utahns, Eliason said, but if they do decide on any one-time rebates, they'd need to be large enough to ensure Utahns would "appreciate" the returned tax dollars rather than prefer them to be spent on other programs.
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