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During the State Of Utah’s FY 2014 budget release, which includes millions of dollars in additional revenue from economic growth, Gov. Gary R. Herbert was excited to announce Forbes Magazine named the Beehive State the “Best State for Business and Careers” for the third year in a row.
“It’s almost becoming impolite to other states—but Utah just can’t help it,” Herbert said. “But in all seriousness, our economy continues to outpace the national trend because we budget on sound principles and maintain a business-friendly environment. You simply cannot tax your way to prosperity, as others in our country try to do—you can only grow your way to prosperity. That is the Utah model. That being said, I recognize the difficulty many Utahns still have finding work. That’s why my priority is to continue to grow the economy until every Utahn who wants a job, has a job.”
Among many factors, Forbes was impressed with Utah’s growth prospects, economic climate, and quality of life. Its low corporate and individual tax rates rank among the lowest states in the nation, and is one of a handful that collect no state-level property taxes.