As a CPA, April 15 has always been an important day throughout my career. It is around this time that I have to notify my clients about how much they owe in taxes. Our tax code is so complicated that most businesses don’t know how much they owe in taxes until they complete a lengthy and expensive review with an accountant. It’s rarely a pleasant experience to try to sort it all out.
As a CPA, I also get a front row seat to how changes in the tax code are affecting families and businesses.
We’re in the middle of a political campaign, so you’re probably hearing a lot about the Largest Tax Cut in History™.
If you’re reviewing your return before mailing in your taxes to make an important down payment on some new sports stadiums in Salt Lake City, you might be wondering how the Largest Tax Cut in History™ affected you.
$129 dollars a year!
That is the amount of the tax cut for the average Utah family. The Largest Tax Cut in History™ resulted in you getting to keep an additional $10 a month of your money. Because the amount you pay in sales, income, and property taxes all rise in an inflationary environment, the inflation fueled by government spending has created autopilot tax increases that more than negate the Largest Tax Cut in History™. The rate was lowered, but you’re paying more taxes than ever before, and our state government has the budget to show for it.
Every year, tax day renews my resolve to fight for limited government spending and letting American families and businesses keep more of their hard-earned money.
Thanks so much!
Phil Lyman
