Time for a tax cut
The state's major sources of revenues have grown substantially over the past ten years.
Annualized growth rates of state tax revenue, 1996 - 2006
Corporate income tax: 8.3%
Individual income tax: 7.2%
Gas tax: 5.2%
State sales tax: 5.1%
Total of four major state taxes: 6.2%
Population/inflation combined, annualized: 5.2%
Notes: State sales tax revenue includes earmarked revenues. Corporate and individual income tax revenues include mineral production withholding tax (60%/40% split). Motor fuel tax includes special fuel tax but excludes aviation fuel tax and motor vehicle registrations.
Source: Utah Taxpayers Association based data from the Utah State Tax Commission, Census Bureau, and Bureau of Economic Analysis. FY2006 data is preliminary.
Conservative point of view: Revenues have been growing much faster than inflation and population growth. It's time to cut taxes.
Liberal point of view: Sales tax revenue isn't growing as fast as the other revenue sources. It's time to raise sales taxes.