A tweak to Utah’s state income taxes is unlikely to make significant differences to individual taxpayers this year, but it could have longer-term impacts on the state economy and how it rates compared to other states.
The tax change, which drops Utah’s marginal income tax rate from 5 percent to 4.96 percent, drops Utah’s ranking among states from 30th to 34th nationally, but the actual income tax burden per $1,000 of personal income actually ranks 16th nationally, according to a new analysis by the Utah Foundation, a nonpartisan think-tank based in Salt Lake City.
