(TCentral Square) – Gov. Spencer Cox is asking lawmakers to lower the state’s income tax rate and give every teacher in the state an extra $6,000.
The increase in teacher compensation includes $4,600 in salary, and the rest will go to benefits, Cox said Thursday. The salary increase for the state is worth 200.7 million dollars.
“Teachers make a big difference in our lives and we need Utah’s best and brightest to become teachers,” Cox said. “Getting and keeping quality and qualified educators in the classroom will do wonders for our K-12 students, and this salary increase will help us do just that.”
The $1 billion plan to cut income taxes for Utah residents has several components. One is to extend the condition dependent on funding of $ 250. The governor wants to continue to eliminate the Social Security tax. Other parts of the plan include property tax cuts and circuit breaker credit expansion.
The plan is estimated to provide a $350 tax cut for a single mother of two earning $25,000 a year, according to one report. information from Cox. A widow on Social Security making $45,000 a year could see a $514 reduction. A couple with one child earning $160,000 a year can see $679 in tax savings.
“Utah’s strength is in its people,” said Gov. Cox. “Returning hard-earned dollars to Utahns struggling with the effects of inflation is the right thing to do and will support families who need it most.”
Cox will outline more details about the tax cuts when he unveils his budget plan on Friday. His proposal needs legal approval.
“It’s important to work with the legislature this year,” Cox told a Twitter posts after he announced his proposed tax cuts. “We love our legislators and know we share the same priorities for the largest tax cuts and largest teacher compensation increases in our state’s history!”