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SALT LAKE CITY (AP) -- Backers of an initiative want to toss out the new flat income tax and replace it with the traditional tax code.
A group called Rings True Coalition expects to file papers next week with the lieutenant governor's office seeking certification of an initiative petition. If approved, they would need to submit more than 90,000 signatures by June 1, 2009 to have the measure on the November 2010 ballot.
Doug Macdonald, former chief economist for the state Tax Commission, backs the initiative. He says the measure, if approved, would mean the state's richest residents pay more and cash flow to the state in flush times would insulate school funding during economic downturns.
If successful, the tax measure would be applied retroactively to 2010 taxes.
------ Information from: The Salt Lake Tribune
(Copyright 2008 by The Associated Press. All Rights Reserved.)
