Wednesday, September 13, 2006

Utah Looks to Slash Taxes

On the tax front in Utah, the Deseret News reports that residents there may soon have the option of a flat-rate income tax:

As Utah lawmakers look to slashing state personal income taxes by $70 million in a special session next week, Gov. Jon Huntsman Jr. is already talking about taking the next step — more tax cuts that lead to even lower rates.

"It's a first step," the governor said of the dual-track income tax system that would allow taxpayers to stay in the current system or elect to pay a flat tax beginning in 2007. "There's more to come."

First of all, wouldn't it be nice if Maine's top income tax rate were only 7%, instead of 8.5%? And if I had the opportunity to jump into a 5.35% state income tax bracket, and all I had to do was give up mortgage interest and charitable contribution deductions, I'd sign up in a heartbeat. The only other thing Utahns are being asked to do is increase their sales tax up to the same rate as Maine's (5%).

If Utah can do it, why not Maine?



Tagged as:

Filed Under: