Utah Tax Cut Will Save Most Taxpayers $2 or Less per Week

A recent Utah tax cut slashed the income tax rate for 2024, but high earners are the only ones expected to save significantly.

Outlined map of Utah with transparent background of $1 bills
(Image credit: Getty Images)

A Utah tax cut passed this month reduced the state's income tax rate from 4.65% to 4.55%, and the law is retroactive to the beginning of the 2024 tax year. However, for most Utah residents, the tax break is not a cause for celebration. That’s because only the state’s highest 20% of earners are expected to save more than a few dollars per week, according to an analysis from the Institution on Taxation and Economic Policy

Several state Democrats, including Rep. Brett Garner (D-31), opposed the income tax cut, telling reporters that Utah is not addressing “real needs,” such as homelessness and funding for teachers.  Garner posted on X, formerly Twitter, that instead, the "richest Utahns get $2k to likely not spend but save."

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Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.