Deseret News | Income-tax revenues down 12.6%

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Income-tax revenues down 12.6%

ThExtra Gas Profits will fix it! | 11:26 a.m. Oct. 15, 2008

Maybe we could get back some from the high profits the Gas and oil companies are milking us for right now!
Before When gas was $2.25 oil was $85 a barrel now oil is $85 a barrel and gas prices are $3.40 a gallon! But they arwe not being greedy like the Banks are they ! That is what lack of oversight gives you more and more greed !!!

To bad we do not have honest Business Practices anymore!
We have become just like the third world countries we no longer can stand as an example to the world! we are as bad or worse than others!

MissPhelps | 11:33 a.m. Oct. 15, 2008

People would be amazed if they looked at what state offices that report directly to Governor Huntsman had spent last spring on the line item expenditure budgets. In the state PR office $25K for an outdoor film projector to show movies on Capitol Hill? Expensive, high end camera lenses Great use of public funds. They 'thought' they had so much money they were trying to figure out ways to spend it . . .

Anonymous | 11:56 a.m. Oct. 15, 2008

""officially referred to as a "recession" by Bush administration officials today""
where is the reference?
just because someone says something doesn't make it so. either the Bush administration or you.

AND if the state has less money than it expected, then it can do what the rest of us do, tighten it's budget and do with less.

Comments continue below

John | 12:10 p.m. Oct. 15, 2008

CUT SPENDING!!!!!

Undo what was done | 12:30 p.m. Oct. 15, 2008

When there was a surplus, the alternate flat tax was instituted, now that the surplus is gone,

Time to undo the alternate flat tax?

Karl Marx | 12:46 p.m. Oct. 15, 2008

All corporate profit margins should approved by the U.S. Congress or the Utah Legislature. For example, the state could pass a bill saying oil companies can only make a 1% profit margin instead of the obscene 8% to 10% they are making right now. Can you believe government lets Big Oil make a 10% profit? Who do these people think they are?

Some software companies make more than 20% profit margin. Last year, Microsoft made $17.7 billion on $60.42 billion in sales. That's 29%! Oracle's margin was 19% and Google's was 25%. Big Software is ripping us off.

True | 12:57 p.m. Oct. 15, 2008

You are selective jerks D-News.

Maybe Checketts | 1:14 p.m. Oct. 15, 2008

and the SL unReal can kick in a few million.

Liquor | 1:16 p.m. Oct. 15, 2008

What about the state tax that is now charged on every bottle of liquor in the liquor stores? Where o where is that dirty money? I demand a list from Huntsmans office of ALL the expenditures. Publicly posted please. Where is our surplus? I smell a rat. I knew that the nations ecomomy would be an excuse for the big wigs to play hide and seek with the money. I also know that Huntsman and his cronies happened to drive very expensive cars and don't tip valets. GET GEPHART

Anonymous | 2:05 p.m. Oct. 15, 2008

and now who wants to vote yes to give millions of tax money to the zoo, aviary and leonardo? Save the $50 million+ or give it to more worthy and fiscally responsible causes that are in true need.

Lisa Johnson will fix this | 2:16 a.m. Oct. 16, 2008

Lisa Johnson is running against Greg Hughes. She has an innovative plan to solve the budget problems. She will raise income taxes on The Rich and on Big Business.

Bob G | 3:54 a.m. Oct. 16, 2008

If businesses employing illegal aliens with a taxable identity then the illegals would be paying their fair share. As it is business is making a lucrative profit because they don't have to turn in taxes they may collect from illegal aliens. Because they are illegal there is no way to identify them or collect taxes from them. With the recession in full swing it's time for state and cities to take a close look at the havouc illegals are causing on our economy in both jobs for americans and taxes for government. However, I fear government will keep turning its ugly head from this fact and just ask the rest of us tax payers to pick up the slack again. Government is also ignoring the serious impact these illegals are having on social services and welfare program funding. They are blocking out these services for the americans by stealing these funds under false pretense and lies.

CP | 4:20 a.m. Oct. 16, 2008

Well that stinks!! I already give enough to both federal and State taxes. I don't mind helping the zoo or aviary, but there are other things that can go and we don't need them. Get the money from the gas taxes - there's alot there. But don't take it from me I can barely make it as it is. Or better yet take it from Huntsman Jr. he's loaded and can afford it plus feed his family!

Re: Bob G | 7:35 a.m. Oct. 16, 2008

Bob, you are mistaken about illegals not paying taxes. Unless the employer is paying them cash under the table they are paying taxes, just likely under your name and SSN. That is exactly why the federal government won't do anything about the problem with illegal aliens. It would decrease their tax revenue. You'd think with a dozen people filing tax returns under the same SSN a flag would go up at the good old IRS and some investigating might get done.

Anonymous | 8:37 a.m. Oct. 16, 2008

That is no surprise. I noticed back in Feb. of this year that my state with holdings had gon up. I contacted my HR department and asked why and I was told that with holdings went up. It was not much and I probably would have never noticed it except being on salary I was used to bringing home the same amount every month and when it changes I notice it.
So if Huntsman lowered our state taxes then why did with holdings go up? It seems like I pay more for state taxes than I do for federal anymore. I f our taxes are going to go to things like the camera's I say we get to vote on it. I for one get no use out of things like that. Put the money into things that benefit schools or health issues not trivial items.

I saw this on e coming | 8:38 a.m. Oct. 16, 2008

I saw this one coming way back...

When the flat tax (beloved by the GOP because it benefits the uber rich!) was enacted I said to myself that the time would come, during an economic downturn, that the state would suffer losses that would cause them to raise the "flat" income tax rate. What this would mean (raising the flat income tax rate from 5 to say 6%) is that ordinary folks who did not benefit from the new "flat tax" but who lost most of the deductibility of mortgage interest, charitable contributions, etc. would now get a double whamy and have to pay a higher tax rate to finance a shortfall. Meanwhile, the uber rich, still are paying a lower rate than they had under the old income tax system....

Well, you get the picture. Vote Republican. That's the definition of stupidity--doing the same thing over and over again and expecting a different result.

Fair Tax | 12:11 p.m. Oct. 16, 2008

The only Fair Tax is a Flat tax with "NO deductions"!

and do away with the food Tax!

sue somebody | 12:14 p.m. Oct. 16, 2008

Maybe the Utah Attorney General could find some hapless industry to sue the pants off of to boost revenue like they did with the Tobacco Industry shakedown (disclaimer:I don't know if Utah was involved with that)

Not too late | 12:26 p.m. Oct. 16, 2008

Flat tax of 5%, but go the the House of Representative web site at utah.gov, look at HB359. This bill is where they defined the items being changed for the flat tax to take effect. Notice the disabled dependents are no longer allowed, adoption expenses are no longer allowed, itemized or standard deductions are not allowed, personal exemptions are not allowed and 1/2 of the federal tax is no longer allowed. That will raise your taxable income quite a bit, but then you only get taxed at 5% on all of it.

I tried to find the 2008 income tax return on the Tax Commission web site. When you look at previous years the income tax changes are there, but guess what, 2008 doesn't have it there, it says "other" taxes will be added as available. Say after the election! Look at your taxes last year, did you have to pay the traditional tax or the flat tax? Mine the flat tax was $500.00 more, this year reducing the flat tax to 5.00% won't make up the $500.00. But if you are rich, you save like crazy.

Right | 12:29 p.m. Oct. 16, 2008

To Fair Tax, you got your wish. If you make over $250,000.00 you make out like a bandit, if you make under that, you're not going to like the results.

CougarKeith | 1:24 p.m. Oct. 16, 2008

Let's vote for Barack, then we can all pay more! Tax cut if we make less than $250,000 but pay more for everything to pay for the tax increases of the rich and corporate! The "Middle Class" and "Poor" get shafted with Barack's plan he just makes it sound better! "white folks greed runs a world in need!", I think that is what he said isn't it? Yeah, that is right Barack, it's not about race is it?

Re CougarKeith | 2:46 p.m. Oct. 16, 2008

I seriously doubt your qualifications to discuss the case at hand. I am a CPA and have studied both candidates platforms. McCain will raise taxes by taxing us all on our employer-paid portion of our benefits. So even if I don't get a raise this year, my tax bill goes up because my corporate gig assists with my benefits. That is extremely socialist for a Republican.

Also, McCain will bail out subprime mortgages by writing the liability down to current market value so people can stay in their homes. Meanwhile, those of us with mortgages we can afford will have to somehow pay for their mortgage writedown. Talk about sticking it to the responsible citizens of the middle class that didn't buy too much house. Also, a socialist policy.

Obama wants to get rid of the 15% preferential capital gains tax. I can promise you that only my clients making over $500K a year will pay more tax from this. Poor people can't afford to buy stock or invest in joint ventures that offer this rate.

Get your facts straight, CougarKeith. I'm not trying to sway your vote; just giving you the facts.

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