Deseret News | Reader comments: Although not in his budget, Huntsman supports some property tax reduction

Reader comments
Although not in his budget, Huntsman supports some property tax reduction

not a tax cut | 1:35 p.m. Jan. 24, 2008

The single rate income tax is NOT a tax cut for most taxpayers. Since we have the choice this year of the single rate or the old system, how many of you have found the single rate to be lower? I'd bet it's a very small percentage of the population, and probably only the wealthy. For the rest of us, the traditional system is better, albeit more complex. Unfortunately, we don't get a choice next year - we're all stuck with the single rate. They're trying to lower it to 5%, but that won't help much. They need to get it down to about 2% for it to be a real benefit to most taxpayers. I hope everyone lets their legislator know that their income taxes will be MUCH higher next year unless a change is made this session.

Froggman | 3:30 p.m. Jan. 24, 2008

Based on our current economic trend, the big problem I see with cutting taxes too much is it will only heighten our recession problem. Don't get me wrong, I don't want to pay taxes anymore than anyone else, but on the other hand, look what happened w/ the real estate & mortgage industry. They were willing to offer prime rates to those less-than-qualified for the mortgage to 1) make them happy, and 2) put more money in their own pockets. (They even offered 125% mortgages, fudge the numbers!) In the short run it worked well for them, but now they are all kicking themselves. As are the rest of us wanting to kick them...

Indeed | 4:11 p.m. Jan. 24, 2008

I am concerned as well regarding the alleged tax cut. I helped my son with his Utah taxes for 2007 and his taxes under the single rate were much higher than under the traditional system. I am still waiting for forms for my taxes, but I think that I will have much the same experience - higher taxes under the new system. I also encourage everyone to let their legislator know so it can be changed this session.

Comments continue below

sob | 4:22 p.m. Jan. 24, 2008

the thing that kills the middle class is property tax.
if you try to avoid the repeated massive down turns in the stock market by buying a piece of property, the counties tax you at such a rate that you have to be wealthy to try and hold on to it. The only ones who can make money are those who have it,and they of course have every lawyer in town finding loop holes.
The value of your property is only what some one is willing to buy it for, and in this market that is nothing, but your tax bite still is massive

Give Us Our Money Back | 8:16 p.m. Jan. 24, 2008

Most Utahns will see a tax cut in 2008. (According to the Gov over 90% will see a tax cut.) The flat tax option of 2007 is very different from the combination single rate with multiple credits in the 2008. The 2008 single rate system is a combination of a single rate like a flat tax and credits (for mortgage interest, charitable contributions, etc.) which are similar to the deductions, exemptions, and credits on the old system. Tax preparers who tell you otherwise are uninformed.

The property tax needs to be cut much more that $100M. Public schools should be funded by sales and income tax. Gov Huntsman and the legislature needs to help us protect our homes. It's the biggest investment most of us make.

CPA | 10:09 p.m. Jan. 24, 2008

Hey Froggman - tax cuts spur the economy... they don't cause recessions! If you want to spur the economy, you give people more money to spend. Econ 100.

Ed Browne | 1:42 p.m. Feb. 2, 2008

We are over 65, and our Utah Tax for 2007 is $440 or $2218, old system vs new Huntsman single rate. If Utah stops giving us a choice in tax systems, we may have to move back to Florida, where there is NO STATE TAX.

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