#tnc17 2017 Utah Taxes Now Conference Thursday, May 18, 2017 Grand America Hotel WiFi Username: GAEast Sponsored by Password: riverrun
2017 Taxes Now Conference Breakfast Sponsor Sponsored by #tnc17
#tnc17 Join Our Survey! To join, text taxesnow17 to 22333! WiFi Username: GAEast Password: riverrun
Welcome to the 2017 Utah Taxes Now Conference! Mike Edmonds Chairman, Utah Taxpayers Association CFO, U.S. Magensium #tnc17 2017 Taxes Now Conference
#tnc17 Join Our Survey! To join, text taxesnow17 to 22333! WiFi Username: GAEast Password: riverrun
Course Correction: A Vision and Action Plan for Utah’s Future Prosperity Kristen Cox Executive Director Governor’s Office of Management and Budget #tnc17 2017 Taxes Now Conference
Course Correction: A vision and action plan for Utah’s future prosperity Presented by Kristen Cox Executive Director Governor’s Office of Management and Budget
Sales Tax and Personal Income
Quote What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom. -- Adam Smith, Scottish Philosopher, Economist, and Author of An Inquiry into the Nature and Causes of the Wealth of Nations
Current Reality • Pressure to increase taxes • Tax base is getting narrower and narrower • Insufficient tax revenue • High administrative cost for government, businesses and individuals • Tax code is very complicated • Government is choosing winners and losers • Trust in the system is eroding • Some perceive an unfair playing field
Vicious Cycle Tax base gets narrower and narrower Increased pressure Insufficient tax for exemptions and revenue deductions Pressure to increase taxes
Evolving Vicious Cycle Trust in the system is eroding Tax code is very Government is complicated choosing winners and losers Tax base gets narrower and narrower Increased pressure for Insufficient tax exemptions and deductions revenue Pressure to increase taxes
Virtuous Cycle Trust in the system is Decouple economic growing development and social engineering considerations from Government is not Tax code is revenue collection choosing winners simplified and losers Broaden tax base Less pressure for exemptions Sufficient tax and deductions revenue Lower tax rates
Questions
Reforming Utah’s Tax Structure: How Should the Legislature Act? Representative Steve Eliason Senator Howard Stephenson Co-Chairs, Revenue and Taxation Interim Committee #tnc17 2017 Taxes Now Conference
Stabilizing Utah’s General Fund: Restoring the Sales Tax on Food and Collecting Remote Sales Taxes Representative Robert Spendlove Senator Wayne Harper #tnc17 2017 Taxes Now Conference
Utah’s Need to End Double Taxation on Business Inputs and Why Utah Needs Single Sales Factor Corporate Income Tax Steve Young, Partner, Holland and Hart #tnc17 2017 Taxes Now Conference
Sales Tax Exemptions on Manufacturing Machinery More Limited or No state 5 8 37 Favorable no sales tax than Utah exemption
Building for Utah’s Increasing Population Carlos Braceras Executive Director Utah Department of Transportation #tnc17 2017 Taxes Now Conference
Education Funding Senator Lincoln Fillmore Representative Dan McCay Representative Brian King Dr. Richard Kendell, Our Schools Now #tnc17 2017 Taxes Now Conference
2017 Taxes Now Conference Break Sponsor Sponsored by #tnc17
Report from the Utah State Tax Commission Commissioner John Valentine Chair, Utah State Tax Commission #tnc17 2017 Taxes Now Conference
TAX COMMISSION REPORT: THE FUTURE OF UTAH TAXATION CHAIRMAN JOHN L. VALENTINE UTAH STATE TAX COMMISSION MAY 18, 2017
Future Utah Taxation
Tax Reform
Tax Reform Guiding Principles of Good Tax Policy
Tax Reform Guiding Principles of Good Tax Policy 1. Equity and Fairness 2. Certainty 3. Convenience of Payment 4. Economy of Collection 5. Simplicity
Tax Reform Guiding Principles of Good Tax Policy 6. Neutrality 7. Economic Growth and Efficiency 8. Transparency and Visibility 9. Minimum Tax Gap 10. Appropriate Government Revenues
Tax Reform Why Tax Reform? 1. Shrinking Sales Tax Base 2. Increased Earmarking 3. Increase Funding for Education Prior Reform Efforts: • Tax Review Commission • Gov. Walker Tax Reform
Shrinking Sales Tax Base
Shrinking Sales Tax Base Personal Savings Rates Source: U.S. Bureau of Economic Analysis
Shrinking Sales Tax Base Why is the Sales Tax Base Shrinking?
Shrinking Sales Tax Base Contributing Factors: 1.Changing Technology 2.Changing Purchasing Patterns 3.Sales Tax Exemptions
Shrinking Sales Tax Base Changing Technology
Shrinking Sales Tax Base Changing Purchasing Patterns
Shrinking Sales Tax Base
Shrinking Sales Tax Base
What to Do? Possible Solutions to a Shrinking Base? 1. Collect Sales Tax Due on Internet purchases 2. Increase the Sales Tax On Groceries 3. Impose a Sales Tax on Services 4. Voluntary Compliance Program
Increase in Earmarks
Increase in Earmarks Why are Earmarks a Problem?
QUESTIONS?
Best Economic Outlook: Utah’s Decade of Dominance Jonathan Williams, American Legislative Exchange Council #tnc17 2017 Taxes Now Conference
Has Truth-in-Taxation Worked Too Well? Fee Increases at the City Level Representative Jefferson Moss Roger Tew, Interim Executive Director, Utah League of Cities and Towns #tnc17 2017 Taxes Now Conference
Building Trust in Utah’s Taxation Laws Senator Deidre Henderson Senator Lincoln Fillmore #tnc17 2017 Taxes Now Conference
Remarks from Utah’s Governor Governor Gary Herbert #tnc17 2017 Taxes Now Conference
Utah’s Tax Reform Process Utah Senate President Wayne Niederhauser #tnc17 2017 Taxes Now Conference
A Solution Looking for a Problem: How Should Special Purpose Properties be Valued? John Ulibarri, Weber County Assessor Phil Cook, MAI #tnc17 2017 Taxes Now Conference
2017 Taxes Now Conference Lunch Sponsor Sponsored by #tnc17
Thank You to the 2017 Friends of the Taxpayer! Rep. Dixon Pitcher Rep. Brad Daw Rep. Susan Pulsipher Rep. Keith Grover Rep. Tim Quinn Rep. Mike Kennedy Rep. Curt Webb Rep. Karianne Lisonbee Rep. Tim Hawkes Rep. Cory Maloy Rep. Ken Ivory Rep. Marc Roberts Rep. Kay Christofferson Rep. Doug Sagers Rep. Norm Thurston Rep. Steve Eliason Rep. Scott Sandall Rep. Gage Froerer Rep. Justin Fawson Rep. Dan McCay Rep. Adam Gardiner Senate Rep. Paul Ray Rep. Steve Handy Sen. Stuart Adams Rep. Kim Coleman Rep. Mike McKell Sen. Wayne Harper Rep. John Knotwell Rep. Jeff Moss Sen. Deidre Henderson Rep. Jim Dunnigan Rep. Val Peterson Sen. Howard Stephenson Rep. Brian Greene
#tnc17 2017 Utah Taxes Now Conference Thursday, May 18, 2017 Grand America Hotel WiFi Username: GAEast Sponsored by Password: riverrun
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