From Deseret News archives:
New analysis urged for tax reform plan
Simply including more accurate state income tax projections reflecting the burgeoning personal income growth in Utah the governor could lift the cap of five personal exemptions and restore the deduction for home mortgage interest, said Sen. Curt Bramble, R-Provo.
"The closer we can come to no real winners or losers, the less likely there will be opposition," said Bramble, the co-chairman of the state's Tax Reform Task Force.
Bramble, a certified public accountant, says by using income projections for 2007, the governor could keep a 5 percent basic tax rate, give an exemption for every minor child and a deduction for mortgage interest.
Huntsman's tax experts used actual income tax returns from 2003 to formulate his plan. The projections used by legislative staff reflect what would be expected to be collected the first year that changes to the tax system would take effect.
Even better for conservatives, while Huntsman's plan would amount to a $10 million to $14 million overall tax cut, Bramble said the new numbers would give at least a $23 million income tax cut.
Huntsman spokeswoman Tammy Kikuchi said that Huntsman and his advisers have not seen the new numbers or analysis.
"The governor does want to hold to the 5 percent" rate on personal income taxes, said Kikuchi, because lowering the current 7 percent top rate by 2 percentage points will stimulate economic development one of Huntsman's main goals.
"We used real numbers on the 2003 returns," she added. While those are likely conservative numbers considering how much personal income has grown in Utah over the past two years, 2007 income projections are just that projections.
"Still, maybe because of growth we may be able to consider every (deduction being included) without a big tax cut," she said. "But the governor wants to get input (on his plan as presented) from around the state, see any final analysis numbers and then move forward" in the 2006 Legislature with a tax reform debate.
Huntsman "always believed that the Legislature would be part of the tax reform solution, and he's happy to look at responsible proposals, which he considers (the new numbers) to be," Kikuchi said.
Comments
- Cougars lead Utes 10-6 at halftime 4:56 p.m.
- TSA gets Grinchy with snow globes 4:34 p.m.
- Luxury resort in depressed Rhode Is. 4:34 p.m.
- Jones' joy for life remembered 4:09 p.m.
- 'A Christmas Story' opens this week 4:05 p.m.
- Fantasy is reality for BYU professor 4:05 p.m.
- Art gallery exhibitions this week 4:05 p.m.
- Special exhibits and programs 4:05 p.m.
- 'The Nutcracker' tradition of change 4:05 p.m.
- Ballet West sponsors coat drive 4:05 p.m.
- Cave to be sealed with body inside
- Predicting the unpredictable: BYU wins
- Vegas, Poinsettia bowls or bust
- Glover gives Utes last-second upset
- BYU football: 5 keys to victory
- Cougars turn back Wildcats'
- Running game key to BYU offense
- Man trapped in Nutty Putty cave dies
- Woods, wife unavailable for interview
- Idaho woman dies after fall
- BYU would like friendlier rivalry
272 - Thunder rolls by Jazz
136 - Letters: Rushing to judge Palin
134 - Boys basketball rankings
134 - Editorial: Poor welcome for Palin
113 - Cave to be sealed with body inside
113 - Man trapped in Nutty Putty cave dies
111 - Letters: Trump card for believers
98 - Rivalry Week is highly profane
88 - Utah, BYU are top choices for bowls
76
I wanted to tell them not to go. I dropped subtle hints. "My money is on...
When I was a kid, I worshipped my grandpa. He was undoubtedly my hero....
I want to comment on a XM show you did on subliminal suggestions. I recently...
Yes, we Latter-day Saints do indeed celebrate Christmas, in fact, the...
Yes, LDS are fully commissioned officers in the US Armed Forces, and they all...
The police routinely cycle in and out of military units now in the national...
I hope that one day i will be able to play football for byu, I love you guys!...
It's amazing how many people look out their window and see snow on the ground...
Rose's actions are a clear example of someone who has no business being in...
man Harvey Unga is a wuss, somebody needs to teach that boy how to play some...
The Police around this country have a standard of beating citizens as long as...
Fantasy is reality for BYU professor's.



You can be the first to comment on this story.