State income taxes will go up about $96 for ‘Average Joe’ even with $30 million tax break

Scott G Winterton, Deseret News FILE – Members of the Senate gather at the State Capitol in Salt Lake City for a special session on Wednesday, July 18, 2018. Related Link Lawmakers approve $30 million child tax credit for Utah families in special session SALT LAKE CITY — Utah’s “average” taxpayers will still see about a $96 increase in their state income taxes next year, even with the Utah Legislature’s new $30 million tax break for families. But that’s about half of the $198 increase they could have expected before lawmakers voted in special session Wednesday to create a dependent tax credit intended to help offset the impact of a new federal tax law that eliminated personal exemptions. The numbers, released Thursday by the Utah State Tax Commission, are based on what’s called an “Average Joe” taxpayer who is married with three children, earns $70,000 a year and files a joint tax return. What dropped from an 8 percent to a 4 percent increase as a result of the dependent tax credit is on top of the $2,374 that hypothetical taxpayer owed the state this year in income taxes. When Congress passed a $1.5 trillion tax cut late last year,… Read full this story

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