United States Senator
Orrin G. Hatch
 
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The Current Issues

Economy and Taxes
Utah’s economy is booming throughout the state, with wage and job growth well above the national average. The state has added 58,300 new jobs over the past year, resulting in the nation's lowest unemployment rate at 2.8 percent. By contrast, in September 2005, the unemployment rate was 4.3 percent.

Utah has also witnessed a steady rise in household income, as a result of the decline in the state unemployment rate. Wages increased by 3.7 percent last year. Wages remain a bit below the national average, but the labor shortage could ameliorate this in the near future. The Utah economy grew at nearly 6 percent last year and looks to do nearly the same this year.

I have worked hard to make permanent the president’s 2001 and 2003 tax cuts that helped us climb out of the recession and contribute to the high economic growth rate we currently enjoy. However, we must do more to ensure a strong and healthy economy: a reduced regulatory burden, continued tax incentives for savings and investment, and a government that does not spend beyond its means are all important goals of mine.

The current tax system is a major impediment that needs to be addressed soon: it is simply too complicated and burdensome in its current form. I believe we need to have a complete overhaul of our tax system, one that would simplify the code, encourage savings and investment, and provide more money for working families. Lower taxes mean more money in the pockets of Utahns, who know how to spend their money much better than the federal government. I will continue to support tax cuts for all Americans.

I believe the biggest threat to a strong economy and a balanced budget is not cutting taxes, but uncontrolled government spending. As I have throughout my career, I will continue to fight to keep spending down and promote fiscally responsible government.

Related Press Releases
 
09/20/2006 U.S. Economy 'A Remarkable Jobs-Producing Machine,' Hatch Reports
09/15/2006 Senators: Tithing Allowed During Bankruptcy, Court Decision Wrong
08/09/2006 Hatch: Pro-Growth Policies Boost Tax Revenue
08/07/2006 Hatch Introduces Patent Reform Legislation
08/04/2006 Senate Overwhelmingly Approves Pension Improvements
06/28/2006 Statement on Henry Paulson to be Secretary of the Treasury
06/27/2006 Hatch: Eliminate the Dollar Limit on Qualified Funeral Trusts
06/09/2006 Estate Tax Drags Down the Economy, Hatch Says
06/05/2006 Hatch: International Tax Regime Is In Serious Need Of Reform
05/17/2006 Hatch: Extending Tax Cuts Will Help Economy Stay on Track
05/10/2006 Tax Reconciliation Bill Will Help Millions of Families
04/28/2006 Economy Is on the Right Track, Hatch Says
01/31/2006 Bernanke 'Is a World-Renowned Scholar on Monetary Economics,' Hatch Says
11/18/2005 Hatch: No Tax Hike on Middle America
05/27/2005 Hatch: End Double Taxation on U.S. Business Overseas
04/20/2005 Bankruptcy Reform Signed into Law
03/15/2005 Hatch Introduces Tax Bill to Spur Research
03/10/2005 Bankruptcy Reform Passes Senate
10/11/2004 Hatch: Foreign Tax Bill to Create U.S. Jobs
09/23/2004 Senate Votes to Extend Tax Relief for Families
09/15/2004 Women's Business Center Funding Extended
06/17/2004 Satellite Home Viewer Extension Act Reported by Judiciary Committee
05/04/2004 Floor Statement: “Support for the Department of Labor’s Overtime Rule”
04/22/2004 Study Shows Research Tax Credit Vital to Economy
04/19/2004 Hatch Statement on the Asbestos Litigation Crisis
04/13/2004 Hatch Pushes for Increased PILT Funding
03/25/2004 Hatch: Stop Playing Politics with Jobs
03/24/2004 Floor Statement: "S. 1637, the Jumpstart Our Business Strength (JOBS) Act of 2003"
03/03/2004 Floor Statement: "Research Credit Amendment to S. 1637, the JOBS Act"
03/03/2004 Senate Unanimously Adopts Hatch Amendment to Spur Research, Create Jobs
02/12/2004 Hatch Named 2004 Small Business Advocate
02/11/2004 Hatch Receives Hero of the Taxpayer Award
02/02/2004 Hatch Wins Effort to Save Utah Archery Jobs
02/02/2004 Tax Simplification Would Help Utah Parents
11/07/2003 Hatch: Bush Economic Plan is Working
07/25/2003 Hatch Introduces Bill to Revamp Tax Laws for U.S. Multinationals
05/28/2003 President Bush Signs Jobs and Growth Package
05/09/2003 Hatch Supports Bush Tax Cut Bill in Finance Committee
03/19/2003 Hatch Introduces Bill to Boost Utah Research Firms
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