Concurrent Resolution Supporting the Tax Cuts and Jobs Act
The resolution urges Congress to permanently extend the provisions of the Tax Cuts and Jobs Act, asserting that failure to do so will disadvantage hardworking American taxpayers and diminish competitiveness. It notes that some of the most significant benefits, such as reductions in personal income tax rates and the cap on the state and local tax (SALT) deduction, are set to expire, prompting a call for a permanent solution to maintain these economic benefits.
SCR001, known as the Concurrent Resolution Supporting the Tax Cuts and Jobs Act, expresses the legislation of the state of Utah in support of the federal Tax Cuts and Jobs Act of 2017. The resolution highlights the benefits derived from the tax cuts, including economic expansion, increased household income, and lower unemployment rates prior to the COVID-19 pandemic. It recognizes the critical components of the Act that positively impacted individual and corporate taxpayers and emphasizes the notion that its expiration in 2025 would lead to adverse economic consequences.
Sentiment around SCR001 appears to be overwhelmingly supportive among the proponents within the Utah legislature, as they argue that the extension of the tax cuts is essential for sustaining economic growth and aiding middle and lower-income households. The discussions reflect confidence in the Act’s success and are framed as a necessity to protect taxpayers from potential tax increases in the future. Nonetheless, the resolution does not present a significant opposition narrative, indicating a largely unified legislative stance.
While the resolution is primarily supportive, it implicitly recognizes concerns about future tax burdens for the state and local governments if the SALT deduction cap is lifted, potentially enabling higher taxation on residents. The sentiment surrounding the resolution, however, prevails that maintaining low taxes is conducive to economic prosperity and job creation which outweighs possible negatives associated with the expiration of the Act.