LYMAN

GOVERNOR

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PHIL LYMAN

ECONOMIC POLICY

Sound Economic Policy

  • Reduce or Eliminate the tax burden on all Utahns
  • Utah ties Minnesota for the 11th highest tax rate
  • Lower the state income tax!
  • Manage our public land efficiently
  • Manage Utah’s energy resources
  • Energy independence could fund our schools
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Economic Policy

Reckless federal and state spending, COVID lockdown fallout, and rampant inflation have created difficult economic conditions around our state and nation. As governor I will work to get the government out of the way of the free market, so that Utah families can afford homes, keep their hard-earned dollars, and build thriving businesses.

As governor, here’s how I will address our economy:

    • Stabilize the Housing Market
    • Curb Inflation
    • Reduce Spending and Put Utahns First
    • Decrease Utahns’ Overall Tax Burden
    • Base Property Taxes on Value at Time of Purchase


Stabilizing the Housing Market:
The housing market’s spiral out of control is multi-faceted, with COVID lockdowns and the related stimulus measures, supply chain failures, and remote work relocations from expensive housing markets all playing a part. Unchecked illegal immigration creates a surge in demand for housing that is driving up the cost, while inflation and ever-increasing property taxes compound the problem. It’s also worth noting that of the top ten least affordable states to buy a home, nine are Western states where the federal government owns significant amounts of land. We can have affordable homes in Utah again, but it will require leadership rooted in commitment to the principles of free markets, limited regulation, and low taxes. I will stand for these principles.

I’ve been meeting with Utah voters and Republican delegates non-stop, and in every meeting I hold I am inevitably asked about our failing housing market. There are numerous factors that influence housing. The economy is a spiderweb of elements that make up the housing market.  But it doesn’t take an economist to get clarity.

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Curbing Inflation: Utah gets 30% of its state budget from federal funds. These federal dollars come with strings attached that erode our state sovereignty while that same reckless federal spending is fueling inflation and destroying our purchasing power, raising prices for goods across all markets, and forcing the Federal Reserve to keep interest rates high. Utahns, and all Americans, have been forced to respond by going deeper into personal debt. It is crucial that we support federal policies aimed at curbing inflation while simultaneously working to reduce our dependence on federal funding.

Reducing Spending and Putting Utahns First: Our state annual budget increased from $18.2 billion in 2020 to $26.5 billion in 2022, a 45% growth rate in state government spending. When you spend like a blue state, you must tax like a blue state. We shouldn’t be focused on finding billion-dollar homes for baseball and hockey teams until Utah families see reduced stress on their wallets. We also need to limit regulation to get the government out of the way, so that Utah businesses can thrive. As governor of Utah, my budget priorities will be based on true fiscal responsibility that results from limiting spending instead of increasing taxes.

Decrease Utahns’ Overall Tax Burden: While different groups use different algorithms, according to some sources, Utah ranks 11th of 50 states for overall tax burden, the highest of any Republican-led state. All our neighbors, including Colorado, rank much lower. We need to investigate the potential impact of eliminating our state income tax, as Wyoming, Nevada, and Florida have done. We also need to stop codifying automatic tax increases into law, as Utah did with the gas tax in 2015. As your governor, I will explore all options for reducing Utahns’ tax burden. We are a red state. We need to act like it.

Basing Property Taxes on Value at Time of Purchase: Utah should only tax property based on its assessed value at the time of purchase or refinance. You don’t pay capital gains taxes on unrealized gains in your stock portfolio, and you shouldn’t have to pay for unrealized gains for the property that you own. If local governments need more funds to operate, they shouldn’t rely on autopilot tax increases. They should have to vote to increase taxes, then face the voters to learn if the tax increase was acceptable. The power to tax should be constantly subject to the scrutiny of voters. We need to shut down the endless gold mine of increased property taxes resulting from increases in home values.