Bill to increase tax on Utah’s Wealthiest proposed by a State Lawmaker

Posted by admin on January 21, 2010

What’s with this bill? One of the state lawmakers proposed a bill to increase the tax for Utah’s richest residents as a move to pay for education.

A bill which calls for those earning more than $250,000 a year is going to pay a 1 percent income tax increase that is according to Rep. Brian King, D-Salt Lake, which is sponsoring the bill. On the other hand, the bill would increase the tax by 2 percent for those earning more than $750,000.

The idea of the bill is to help fund the anticipated growth in Utah’s public school system according to King as he told the Deseret News which he says is not addressed by Gov. Gary Herbert’s proposed budget. This is to help strengthen the education foundation system for public schools around the Utah’s territory.

Indeed, state’s population would be affected for about 2 percent wherein it could raise about $350 million based from the tax. King also added that “Those people who are earning more than $750,000 are in the best position to help us out of this severe budget crisis.”

These wealthiest Utahns can also help share their excess incomes coming from their properties may it be in business, real estate properties and the like as far as tax increased is concerned. Many of those wealthiest people have larger incomes which could help uplift the status of education in the State of Utah. Their overflowing incomes can be measured from their properties may it be real properties which is said to be rich and diverse in Utah.

Via Deseret News

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