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Utah Tax Code Overhaul

The issues of the 2006 session of the legislature are deep in play today. Top on the docket is the Utah Tax Code. No doubt, there will be controversy, heated debate, calls to action, and political rhetoric firing in from every angle.

The Tax Reform Task Force – consisting of 10 Republicans, 3 Democrats, the State Tax Commissioner, and Governor Huntsman’s Deputy Chief of Staff – are presently addressing ideas to “broaden the base.” In the simplest terms, tax is a rate that is applied to a base. The language coming from the Governor’s office is generally something to the effect of widening the base so the rate can be reduced. Potentially, the total state taxes an individual pays would remain the same but come from more, or different, avenues (bases) at different rates. Ideally, an individual may pay less while the new spread of base would include business revenues. Some ideas floating on and around the hill suggest taxing services, removing the mortgage interest deduction in regard to income tax, and adjusting the corporate tax structure. This will be something worth keeping an eye on; and undoubtedly, the Utah Tax Code overhaul will have an heavy impact on the politics of Utah.

Recent articles and news on this topic include “Tax system in Utah may be overhauled” by Bob Bernick Jr. (Deseret Morning News), “Group looks at cutting some tax breaks” by Amie Rose (Daily Herald), and “Tax Force Working on Reform” reported by Richard Piatt (KSL).

Posted by catherman on May 11, 2005 09:53 AM