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I have questions, to satisfy my curiosity, if anyone can tell me the answers:
What will cause the expected decrease in tax revenues? Is it just less income tax because there are less jobs in Utah at the moment?
Is it due to an expected reduction in pay for the employed?
Is it a reduction in spending by wary shoppers and thus reduced sales tax receipts?
My last question is:
Will their be a reduction in State income tax rates?
In Sales Tax rates?
The questions are genuine, not cynical. Can anyone tell me?
When the economy slows, there are fewer people buying fewer things, resulting in a decrease in sales tax revenue.
With the high gas prices, people drove less, buying less gas, resulting in a decrease in gas tax revenue.
Property taxes are based on assessed value of real property. With home values stalling out and in some cases decreasing, property tax values are down. Many municipalities were counting on additional growth and put that expected revenue into their budgets. The budget is a forecast of what's expected to come in, not a spending of moneys already in place.
Corporate taxes have also decreased as company profits have decreased (again, due to people not spending as much money).
Income taxes have not met projections due both to layoffs (companies unable to employ as many people as before) and to companies giving smaller pay increases than was expected. Again, the budget's based on projections. Incomes were expected to rise; likewise, income tax revenues were expected to rise.
It may be time to re-evaluate some of the state's programs and policies. In times like this, everyone needs to learn to make cuts and sacrifices.
This COULD be an excellent time to clean out some of the "dead wood" at the state.
It seems ironic to me that in this same article, Huntsman is trying to make mortgages more available to more people, but if they cut at the state level like I think they will, it will be the lower wage earners that will be out of a job.
I used to work at the state and I know how they operate, so state employees REALLY SHOULD contact their state legislator to make sure THEY get heard, and not just their dept. heads!
Unless this new increase for coach Anderson is coming from source that does not involve tax dollars. A second point of note; today if your football team can't win and make money the entire athletics department is at risk. If that even matters during times like this. So I am having a conversation with myself! Sorry everyone.
It is times like this I am glad I vote and can place confidence "some at least" in my representatives.
RE: Solution you are an idiot!!!!
QUOTE
This is priceless! I didn't notice it the first time.
Is this a case of robbing the poor (working people) because of their 'fine sanctuary'? What a gifted writer.
The state can change taxes all it wants, the funds won't be coming from me, but from the working class.