Cox Signs $480-Million Tax Cut

(Salt Lake City, UT) — Governor Spencer Cox has signed what he called the “historic” 480-million dollar tax cut the Legislature passed earlier this month. But part of the package Cox signed on Wednesday is on hold unless voters sign off on it next year. A constitutional initiative that would eliminate the state’s portion of the sales tax on food will be on the November ballot in 2024. Tax cuts that will take effect without voters’ approval at the ballot box include an income tax reduction estimated to save a family of four making 80-thousand dollars year a little over 100 dollars, lower taxes on Social Security for seniors, an expansion of the state earned income tax credit for lower-income workers, increased tax credits for children, bigger property tax exemptions for disabled veterans, and a cut in the gas tax.