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Utah Tax Minimize Is a Break for Excessive Earners

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A Utah tax lower handed this month lowered the state’s revenue tax price from 4.65% to 4.55%, and the legislation is retroactive to the start of the 2024 tax 12 months. Nonetheless, for many Utah residents, the tax break shouldn’t be a trigger for celebration. That’s as a result of solely the state’s highest 20% of earners are anticipated to avoid wasting various {dollars} per week, in response to an evaluation from the Institution on Taxation and Economic Policy

A number of Democrats, together with Rep. Brett Garner (D-31), opposed the revenue tax lower, arguing that Republicans are ignoring “actual wants,” akin to homelessness and funding for academics, to “give the richest Utahns a few 1000’s of {dollars}.” 

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Utah tax lower for 2024