The Senate Site: Tax Reform: End Game?

Rumors and discussion about the latest income tax reform proposal are circulating through the Capitol like a desert whirlwind. The proposal . . .

Lowers the income rate to five percent;
Returns $110 Million to taxpayers;
Preserves a tax credit for federal deductions like mortgage interest, family size and charitable contributions; and
Brings 100 percent of Utahns back under a single system.

It broadens the tax base and lowers the rate. It reduces volatility.

And it is simple.

Here is an info sheet (PDF).

What do you think?

The Professor said...: Love it.; 2/23/2007 11:36 AM
The Millionaire and His Wife said...: We love it, don't we lovey?; 2/23/2007 11:38 AM
Ginger and Mary Ann said...: Works for us.; 2/23/2007 11:40 AM
Gilligan said...: We are a week away from adjournment, we don't have any more scheduled standing committee public hearings, and we're dealing with a whole new income tax plan?! I've been asleep under the coconut tree for the last three years.

I need more time to look at this - I MIGHT be ready by next Thursday morning.; 2/23/2007 11:49 AM
The Skipper said...: G I L L I G A A A A N !

[slaps him with his hat]; 2/23/2007 11:51 AM
Anonymous said...: What does it mean for someone like me who has four kids, a mortgage, and a big charitable deduction? I calculated my effective tax rate before at about 3-4% because of the deductions, but it sounds like now I'll get a tax increase to 5% because my income is too high for the credits to apply. I thought I heard on the news that this would provide tax relief to everyone, but it sounds like some of us typical suburban families will be seeing a tax increase. Am I right?; 2/23/2007 12:51 PM

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