2017 Utah Taxes Now Conference Thursday, May 18, 2017 Grand America - - PowerPoint PPT Presentation

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2017 Utah Taxes Now Conference Thursday, May 18, 2017 Grand America - - PowerPoint PPT Presentation

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#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

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2017 Utah Taxes Now Conference

Thursday, May 18, 2017 Grand America Hotel #tnc17

Sponsored by

WiFi Username: GAEast Password: riverrun

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2017 Taxes Now Conference Breakfast Sponsor

#tnc17

Sponsored by

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Join Our Survey!

#tnc17

WiFi Username: GAEast Password: riverrun

To join, text taxesnow17 to 22333!

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Welcome to the 2017 Utah Taxes Now Conference!

Mike Edmonds Chairman, Utah Taxpayers Association CFO, U.S. Magensium

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2017 Taxes Now Conference

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Join Our Survey!

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WiFi Username: GAEast Password: riverrun

To join, text taxesnow17 to 22333!

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Course Correction: A Vision and Action Plan for Utah’s Future Prosperity

Kristen Cox Executive Director Governor’s Office of Management and Budget

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2017 Taxes Now Conference

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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

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Sales Tax and Personal Income

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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

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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
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Vicious Cycle

Pressure to increase taxes Insufficient tax revenue Tax base gets narrower and narrower Increased pressure for exemptions and deductions

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Evolving Vicious Cycle

Pressure to increase taxes Insufficient tax revenue Tax base gets narrower and narrower Increased pressure for exemptions and deductions Tax code is very complicated Trust in the system is eroding Government is choosing winners and losers

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Virtuous Cycle

Lower tax rates Sufficient tax revenue Broaden tax base Less pressure for exemptions and deductions Tax code is simplified Trust in the system is growing Government is not choosing winners and losers Decouple economic development and social engineering considerations from revenue collection

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Questions

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Reforming Utah’s Tax Structure: How Should the Legislature Act?

Representative Steve Eliason Senator Howard Stephenson Co-Chairs, Revenue and Taxation Interim Committee

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Stabilizing Utah’s General Fund: Restoring the Sales Tax on Food and Collecting Remote Sales Taxes

Representative Robert Spendlove Senator Wayne Harper

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2017 Taxes Now Conference

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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

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Sales Tax Exemptions on Manufacturing Machinery

No state sales tax

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More Favorable than Utah Limited or no exemption

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Building for Utah’s Increasing Population

Carlos Braceras Executive Director Utah Department of Transportation

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2017 Taxes Now Conference

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Education Funding

Senator Lincoln Fillmore Representative Dan McCay Representative Brian King

  • Dr. Richard Kendell, Our Schools Now

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2017 Taxes Now Conference Break Sponsor

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Sponsored by

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Report from the Utah State Tax Commission

Commissioner John Valentine Chair, Utah State Tax Commission

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2017 Taxes Now Conference

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TAX COMMISSION REPORT:

THE FUTURE OF UTAH TAXATION

CHAIRMAN JOHN L. VALENTINE UTAH STATE TAX COMMISSION MAY 18, 2017

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Future Utah Taxation

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Tax Reform

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Tax Reform

Guiding Principles of Good Tax Policy

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Tax Reform

Guiding Principles of Good Tax Policy

  • 1. Equity and Fairness
  • 2. Certainty
  • 3. Convenience of Payment
  • 4. Economy of Collection
  • 5. Simplicity
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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
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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
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Shrinking Sales Tax Base

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Shrinking Sales Tax Base

Personal Savings Rates

Source: U.S. Bureau of Economic Analysis

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Shrinking Sales Tax Base

Why is the Sales Tax Base Shrinking?

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Shrinking Sales Tax Base

Contributing Factors:

1.Changing Technology 2.Changing Purchasing Patterns 3.Sales Tax Exemptions

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Shrinking Sales Tax Base

Changing Technology

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Shrinking Sales Tax Base

Changing Purchasing Patterns

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Shrinking Sales Tax Base

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Shrinking Sales Tax Base

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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
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Increase in Earmarks

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Increase in Earmarks

Why are Earmarks a Problem?

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QUESTIONS?

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Best Economic Outlook: Utah’s Decade of Dominance

Jonathan Williams, American Legislative Exchange Council

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2017 Taxes Now Conference

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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

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2017 Taxes Now Conference

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Building Trust in Utah’s Taxation Laws

Senator Deidre Henderson Senator Lincoln Fillmore

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2017 Taxes Now Conference

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Remarks from Utah’s Governor

Governor Gary Herbert

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Utah’s Tax Reform Process

Utah Senate President Wayne Niederhauser

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2017 Taxes Now Conference

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A Solution Looking for a Problem: How Should Special Purpose Properties be Valued?

John Ulibarri, Weber County Assessor Phil Cook, MAI

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2017 Taxes Now Conference

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2017 Taxes Now Conference Lunch Sponsor

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Sponsored by

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Thank You to the 2017 Friends of the Taxpayer!

  • Rep. Brad Daw
  • Rep. Keith Grover
  • Rep. Mike Kennedy
  • Rep. Karianne Lisonbee
  • Rep. Cory Maloy
  • Rep. Marc Roberts
  • Rep. Norm Thurston
  • Rep. Gage Froerer
  • Rep. Dan McCay
  • Rep. Paul Ray
  • Rep. Kim Coleman
  • Rep. John Knotwell
  • Rep. Jim Dunnigan
  • Rep. Brian Greene
  • Rep. Dixon Pitcher
  • Rep. Susan Pulsipher
  • Rep. Tim Quinn
  • Rep. Curt Webb
  • Rep. Tim Hawkes
  • Rep. Ken Ivory
  • Rep. Doug Sagers
  • Rep. Scott Sandall

Senate

  • Sen. Stuart Adams
  • Sen. Wayne Harper
  • Sen. Deidre Henderson
  • Sen. Howard Stephenson
  • Rep. Kay Christofferson
  • Rep. Steve Eliason
  • Rep. Justin Fawson
  • Rep. Adam Gardiner
  • Rep. Steve Handy
  • Rep. Mike McKell
  • Rep. Jeff Moss
  • Rep. Val Peterson
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2017 Utah Taxes Now Conference

Thursday, May 18, 2017 Grand America Hotel #tnc17

Sponsored by

WiFi Username: GAEast Password: riverrun