Editorial: The income tax rate cut being proposed by the Utah Legislature is too small to justify the loss in state revenue, the Editorial Board writes.
The Pledge of Allegiance in the House Chamber as the Utah Legislature hold a special session in Salt Lake City on Tuesday, Nov. 9, 2021.Leaders of the Utah Legislature are happy to tell us that this isClearly, the rapid drive to cut more than $160 million a year from that source of revenue — which is constitutionally committed to funding schools and human services — is less serious legislation than it is performance art.
As the tax bill’s bottom line for individual households each month won’t get you out of the McDonald’s drive-thru, McCay and others tout the benefit to the state’s economy as a whole. But that, too, is misdirection. We all know that schools are underfunded, housing is unaffordable, highways are snarled, the air is foul and water is getting harder and harder to come by. Police response times are too slow. The demand for mental health care and substance abuse treatment far outstrips supply.
If the point of a tax cut is to stimulate business activity, it’s hard to see that that’s even possible. If the idea is to put out the welcome mat for Fortune 500 companies or the next wave of tech entrepreneurs, the tax cut is pointless at best, discouraging at worst.
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