Utah business leaders launch push to raise taxes, fund education

A powerful group of about 100 Utah business leaders is kicking off a campaign to ask voters to raise taxes to dramatically increase funding for public schools.

The ballot initiative campaign filed Tuesday proposes to raise Utah’s income tax and sales tax to generate $700 million annually. Income tax would rise to 5.5 percent, up from 5 percent. Sales tax would rise to 5.2 percent, up from 4.7.

The campaign called Our Schools Now will collect signatures this summer with the hope of putting the increases before voters in 2018.

Critics worry raising taxes will hurt Utah’s economy and discourage businesses from moving to the state. But backers like Zions Bank CEO Scott Anderson say business leaders care more about the state having a strong education system that prepares future workers.