Spencer believes in the power of free markets. Free market capitalism has done more to eradicate real poverty than any other socioeconomic system in the history of the world. Conversely, tax incentives inherently change the playing field in free markets and can lead to governments — not markets — picking winners and losers.
Ideally there wouldn’t be any incentives offered and states would compete solely on the basis of their workforce, infrastructure, tax/regulatory policies and cost of doing business. However, as long as other states continue to offer corporate incentives, Spencer believes Utah should be highly selective and reserve the best incentives for companies that are willing to invest in and build up economies in struggling communities.