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Monday, October 02, 2006

Walk On The Supply Side

It ain't the cover of a Rolling Stone, but the new Utah tax plan is getting some attention. Here are a few excerpts from Stephen Moore in WSJ’s Political Diary:
Utah Takes a Walk on the Supply Side

Last week, during a special session convened by Republican Governor Jon Huntsman, Utah's legislature cut the top tax rate from 7% to 5.35% and raised the income threshold for the top bracket by $2,400 . . . .

Utah now moves overnight from the category of a high-income tax state to a medium-income tax state. Some of the revenue losses from the income tax cut will be recouped through higher sales taxes, but most economic studies indicate that taxing consumption is much wiser than taxing income and savings.

. . . One twist to the Utah cut is that it creates a 5.35% flat tax, which is optional for tax filers.


Anonymous Anonymous said...

Let the money trickle down, eh? Seems that's worked out well. Watch the income gap widen.

Keep stuffing your own pockets.

10/03/2006 8:10 PM  

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