Source: CVDaily Feed
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SALT LAKE CITY – A new analysis shows how much residents and businesses in Utah pay in federal taxes compared to how much is received in the state from the federal budget. Becky Sweger, director of data and technology with the National Priorities Project, says their “State Smart” study shows Utah residents and businesses paid about $15 billion in federal taxes last year.
The research also shows the federal budget bolstered the state’s economy by $21 billion in 2013. As the economy continues to recover, Sweger says federal taxes collected from Utah, and many states, are again growing.
“The trend was between 2008 and 2009, for most states tax revenue into the federal government declined drastically and during this recovery we’ve seen them on the upswing in most states,” she says.
Sweger says most of those federal taxes coming out of Utah were paid in the form of income taxes, self-employment taxes and payroll taxes.
She adds the study also shows the billions of dollars entering Utah from the federal budget are helping people and businesses.
“Most of that money is federal aid going directly to individuals, and then second in line are federal contracts being performed in the state,” Sweger says.
Medicare, Social Security and unemployment payments made to Utahans accounted for about half of the federal budget money. Sweger says another big chunk of the change comes from wages paid to federal employees in the state.