Many Utahns might be wondering what the latest round of statewide tax increases will mean for their wallets. The Utah Foundation says not all that much.
New analysis shows Utah’s ranking among states with the highest tax burden will slip in 2017 as a result of property tax and motor fuel tax increases approved this legislative session.
Shawn Teigen is research director at Utah Foundation. He says when both of those tax hikes are fully implemented the state’s tax burden will be bumped up by one place nationally, from 21st to 20th – or from about $112 dollars per $1,000 dollars of personal income to $113 dollars.
“What we’ve shown is that well, you know, maybe it’s not that big of a deal,” he says, “because a buck fifty on every thousand dollars of personal income, that buck fifty isn’t going to go more than buying one soda or a cup of coffee.”
Teigen adds over the past 20 years, statewide taxes have decreased while mandatory fees and local taxes have increased.
