2017 Utah Taxes Now Conference

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1 #tnc Utah Taxes Now Conference Thursday, May 18, 2017 Grand America Hotel Sponsored by WiFi Username: GAEast Password: riverrun

2 2017 Taxes Now Conference Breakfast Sponsor Sponsored by #tnc17

3 #tnc17 Join Our Survey! To join, text taxesnow17 to 22333! WiFi Username: GAEast Password: riverrun

4 Welcome to the 2017 Utah Taxes Now Conference! Mike Edmonds Chairman, Utah Taxpayers Association CFO, U.S. Magensium 2017 Taxes Now Conference #tnc17

5 #tnc17 Join Our Survey! To join, text taxesnow17 to 22333! WiFi Username: GAEast Password: riverrun

6 Course Correction: A Vision and Action Plan for Utah s Future Prosperity Kristen Cox Executive Director Governor s Office of Management and Budget 2017 Taxes Now Conference #tnc17

7 Course Correction: A vision and action plan for Utah s future prosperity Presented by Kristen Cox Executive Director Governor s Office of Management and Budget

8 Sales Tax and Personal Income

9 Quote What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom. -- Adam Smith, Scottish Philosopher, Economist, and Author of An Inquiry into the Nature and Causes of the Wealth of Nations

10 Current Reality Pressure to increase taxes Tax base is getting narrower and narrower Insufficient tax revenue High administrative cost for government, businesses and individuals Tax code is very complicated Government is choosing winners and losers Trust in the system is eroding Some perceive an unfair playing field

11 Vicious Cycle Tax base gets narrower and narrower Increased pressure for exemptions and deductions Insufficient tax revenue Pressure to increase taxes

12 Evolving Vicious Cycle Trust in the system is eroding Government is choosing winners and losers Tax code is very complicated Tax base gets narrower and narrower Increased pressure for exemptions and deductions Insufficient tax revenue Pressure to increase taxes

13 Virtuous Cycle Government is not choosing winners and losers Tax code is simplified Trust in the system is growing Decouple economic development and social engineering considerations from revenue collection Broaden tax base Less pressure for exemptions and deductions Sufficient tax revenue Lower tax rates

14 Questions

15 Reforming Utah s Tax Structure: How Should the Legislature Act? Representative Steve Eliason Senator Howard Stephenson Co-Chairs, Revenue and Taxation Interim Committee 2017 Taxes Now Conference #tnc17

16 Stabilizing Utah s General Fund: Restoring the Sales Tax on Food and Collecting Remote Sales Taxes Representative Robert Spendlove Senator Wayne Harper 2017 Taxes Now Conference #tnc17

17 Utah s Need to End Double Taxation on Business Inputs and Why Utah Needs Single Sales Factor Corporate Income Tax Steve Young, Partner, Holland and Hart 2017 Taxes Now Conference #tnc17

18 Sales Tax Exemptions on Manufacturing Machinery 5 No state sales tax More Favorable than Utah 37 8 Limited or no exemption

19 Building for Utah s Increasing Population Carlos Braceras Executive Director Utah Department of Transportation 2017 Taxes Now Conference #tnc17

20 Education Funding 2017 Taxes Now Conference Senator Lincoln Fillmore Representative Dan McCay Representative Brian King Dr. Richard Kendell, Our Schools Now #tnc17

23 2017 Taxes Now Conference Break Sponsor Sponsored by #tnc17

24 Report from the Utah State Tax Commission Commissioner John Valentine Chair, Utah State Tax Commission 2017 Taxes Now Conference #tnc17

25 TAX COMMISSION REPORT: THE FUTURE OF UTAH TAXATION CHAIRMAN JOHN L. VALENTINE UTAH STATE TAX COMMISSION MAY 18, 2017

26 Future Utah Taxation

27 Tax Reform

28 Tax Reform Guiding Principles of Good Tax Policy

29 Tax Reform 1. Equity and Fairness 2. Certainty 3. Convenience of Payment 4. Economy of Collection 5. Simplicity Guiding Principles of Good Tax Policy

30 Tax Reform Guiding Principles of Good Tax Policy 6. Neutrality 7. Economic Growth and Efficiency 8. Transparency and Visibility 9. Minimum Tax Gap 10. Appropriate Government Revenues

31 Tax Reform Why Tax Reform? 1. Shrinking Sales Tax Base 2. Increased Earmarking 3. Increase Funding for Education Prior Reform Efforts: Tax Review Commission Gov. Walker Tax Reform

32 Shrinking Sales Tax Base

33 Shrinking Sales Tax Base Personal Savings Rates Source: U.S. Bureau of Economic Analysis

34 Shrinking Sales Tax Base Why is the Sales Tax Base Shrinking?

35 Shrinking Sales Tax Base Contributing Factors: 1.Changing Technology 2.Changing Purchasing Patterns 3.Sales Tax Exemptions

36 Shrinking Sales Tax Base Changing Technology

37 Shrinking Sales Tax Base Changing Purchasing Patterns

38 Shrinking Sales Tax Base

39 Shrinking Sales Tax Base

40 What to Do? Possible Solutions to a Shrinking Base? 1. Collect Sales Tax Due on Internet purchases 2. Increase the Sales Tax On Groceries 3. Impose a Sales Tax on Services 4. Voluntary Compliance Program

41 Increase in Earmarks

42 Increase in Earmarks Why are Earmarks a Problem?

43 QUESTIONS?

44 Best Economic Outlook: Utah s Decade of Dominance Jonathan Williams, American Legislative Exchange Council 2017 Taxes Now Conference #tnc17

45 Has Truth-in-Taxation Worked Too Well? Fee Increases at the City Level Representative Jefferson Moss Roger Tew, Interim Executive Director, Utah League of Cities and Towns 2017 Taxes Now Conference #tnc17

46 Building Trust in Utah s Taxation Laws Senator Deidre Henderson Senator Lincoln Fillmore 2017 Taxes Now Conference #tnc17

47 Remarks from Utah s Governor Governor Gary Herbert 2017 Taxes Now Conference #tnc17

48 Utah s Tax Reform Process Utah Senate President Wayne Niederhauser 2017 Taxes Now Conference #tnc17

49 A Solution Looking for a Problem: How Should Special Purpose Properties be Valued? John Ulibarri, Weber County Assessor Phil Cook, MAI 2017 Taxes Now Conference #tnc17

50 2017 Taxes Now Conference Lunch Sponsor Sponsored by #tnc17

Thank You to the 2017 Friends of the Taxpayer! Rep. Brad Daw Rep. Keith Grover Rep. Mike Kennedy Rep. Karianne Lisonbee Rep. Cory Maloy Rep. Marc Roberts Rep. Norm Thurston Rep. Gage Froerer Rep.

51 Thank You to the 2017 Friends of the Taxpayer! Rep. Brad Daw Rep. Keith Grover Rep. Mike Kennedy Rep. Karianne Lisonbee Rep. Cory Maloy Rep. Marc Roberts Rep. Norm Thurston Rep. Gage Froerer Rep. Dan McCay Rep. Paul Ray Rep. Kim Coleman Rep. John Knotwell Rep. Jim Dunnigan Rep. Brian Greene Rep. Kay Christofferson Rep. Steve Eliason Rep. Justin Fawson Rep. Adam Gardiner Rep. Steve Handy Rep. Mike McKell Rep. Jeff Moss Rep. Val Peterson Rep. Dixon Pitcher Rep. Susan Pulsipher Rep. Tim Quinn Rep. Curt Webb Rep. Tim Hawkes Rep. Ken Ivory Rep. Doug Sagers Rep. Scott Sandall Senate Sen. Stuart Adams Sen. Wayne Harper Sen. Deidre Henderson Sen. Howard Stephenson

52 #tnc Utah Taxes Now Conference Thursday, May 18, 2017 Grand America Hotel Sponsored by WiFi Username: GAEast Password: riverrun

2017 Legislative Report. GrassRoots

2017 Legislative Report. GrassRoots 2017 Legislative Report GrassRoots Committed to Promoting the Principles of Limited Government, Constitution, Representative Government, Participatory Republic, Free Market Economy, Family, and Separation