Fiscal Highlights - June 2013
Impact of Recent Federal Tax Changes on Utah Residents and Government -
Thomas E. Young ( PDF)By how much will the recent federal tax increases reduce disposable income to residents of the state? When adding up the tax-rate changes to single and married individuals making over $400,000/$450,000 in certain instances, and $200,000/$250,000 in other instances, as well as the reinstatement of the payroll tax holiday, residents will likely see a decrease in personal income of about $2.5 billion in 2013. The major tax changes that came in 2013 include:
The largest portion of the tax increase stems from the expiration of the payroll tax holiday at about $1.2 billion. In terms of state revenue, a $2.5 billion reduction in personal income equates to about a $125 million reduction in General/Education Fund revenue, with most of that being individual income tax and sales tax. |
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Fiscal Analyst
House Building, Suite W310
Salt Lake City, UT 84114
Phone (801) 538-1034 Fax (801) 538-1692