New Study Says Utahns To Pay Less Income Tax in '08

None by Eric Ray

(KCPW News) Income tax changes made by the legislature in 2006 and 2007 will mean tax savings for the average Utah family in 2008, according to a new report from the Utah Taxpayers Association.

Based on a family with two parents, three children, and an adjusted gross income of $57,700, the association says those families will pay about $266 less this year than in 2006. Van Tassell says the group has also put together scenarios for a wide variety of Utah residents and it appears as if the majority will see tax cuts. Statewide, the changes could save Utahns over $400 million.

For the 2008 tax year, Utahns will be taxed at a rate of 5% of their adjusted gross income. They will also be allowed some itemized deductions, like mortgage interest, retirement income, and other personal exemptions.

Van Tassell recommends people visit Governor Jon Huntsman's website to calculate what the income tax changes could mean for them.

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