OCR Text |
Show 'STATES TO GAIN FROM FEDERAL INCOME TAX CUT Utah's wage earners and salaried sal-aried employes will not be the only ones to benefit from the recent federal income tax reduction the state itself will reap approximately approxi-mately $225,000 yearly from the cut. According to an analysis prepared pre-pared by K. B. Christenson, chief auditor, state tax commission, state income tax rates operating on the increased net income of Utah residents will make the difference. dif-ference. Federal income tax payments are deductible for gross earnings when computing net taxable income in-come upon which to apply Utah's tax rates,- he explained. |