May 2023 Newsletter

The Utah Taxpayer - May 2023

Utah Ranked #1 For Best Economic Outlook For the 16th Year In A Row

On April 21st, the American Legislative Exchange Council (ALEC) released the 16th annual edition of “Rich States, Poor States”, which ranks states according to the best economic outlook Although Utah enjoyed the #1 spot again this year - this trend is likely over unless elected officials move boldly in short order

Read about it here

What Arizona Gets Right

In anticipation of Arizona’s Governor Ducey speaking at our Taxes Now Conference on May 8th, and in light of the state’s 2 5% individual income tax rate, it is worth reviewing what Arizona gets right in terms of tax policy As we look to surrounding states, it is important to learn from both their mistakes and their victories: Arizona’s 2 5% flat income tax rate is surely a victory we ought to learn from

Read more here

Another Budget Surplus? Revenues Stay Strong, However April Final Tax Payments Will Be the Key

As the 2023 fiscal year comes to a close in about 60 days on June 30, 2023 for the State of Utah, projections for another possible budget surplus start to become a bit more clear So, where do things stand with just a few months left in the fiscal year? The short answer is - fairly strong, but further data is needed

Read more here

New Report On Social Security Confirms Insolvency In 11 Years - “Not Touching Social Security” Is Sham Of A Political Position

The Trustees that manage the United States Social Security Program recently released theirannual reportthat details the health of the system for the next 75 years No matter where one stands on the political spectrum, the report has an indisputable and blunt conclusion: the fund will be insolvent in just 11 years This looming insolvency can no longer be ignored, and decisions about the future of Social Security can no longer be deferred

Read more about the problem here

2023 Beehive Family Highlights

Our 2023 Beehive Report shows the tax burden of a typical Utah family Here we review a few of the highlights

Read our analysis here

Last Chance to Register! Taxes Now Conference

Registration for our annual Taxes Now Conference is open!

Taxes Now will be held on Monday, May 8th, 2023 from 9am - 1pm at the Grand America Hotel

Confirmed speakers include: former Arizona Governor Doug Ducey, Rep Blake Moore, Americans for Tax Reform's Grover Norquist, former Utah legislator and current lobbyist Frank Pignannelli and Tax Foundation's Jared Walzack

For more information and to register, click here

Save the Date! Teed Off on Taxes Golf Tournament

Our annual Teed Off on Taxes Golf Tournament will be held on Tuesday, June 6th, 2023 at the Eaglewood Golf Course from 8am - 2pm

More information and registration details to follow

Association Accomplishments in April

Accomplishments

Finalized planning for Taxes Now Conference

Published the Beehive Family Report

Continued planning for the Teed Off on Taxes Golf Tournament

Met with Legislators to Discuss Tax Policy

In The News Salt Lake City School District to hire new superintendent within 3 months- KJZZ

"Truth-in-Taxation" would benefit Iowa property taxpayers- Iowa Capital Dispatch

Meet the ‘Beehives’: Typical Utah family pays 23% of income in taxes, report says- KSL

The Beehive family helps break down what the average Utahn is taxed- KSL Radio Salt Lake School District hopes to find qualified candidates for superintendent positionKJZZ

Utah lawmakers plan to revisit how you pay for water- Fox13

Utah to Lower Gas Tax, Impose EV Charing Tax- Transport Topics