Monday, July 21, 2014

Tennessee gets more federal dollars than it pays
While people frequently lament the amount of money sent to Washington, a new report indicates residents of Tennessee send a lower percentage of their income to the federal government than most other states. The study by WalletHub found that residents of Republican dominated states are more likely to receive help from the federal government, and that in turn helps the states to keep their local tax bills lower. The study analyzed the disparity between states and their share of federal funding, based on government data. Tennessee is ranked seventh in the states that receive more federal funding than they pay to Washington. The study says for every dollar sent to Washington, Tennessee receives $1.64. The state receives 41.3 percent of it's revenue from the federal government. Without this money, revenue would have to be found elsewhere, likely through tax hikes or key state services would have to be reduced, the study says. The study also found that 7.8 percent of the state’s workforce owes its livelihood to Washington. State Representative Jeremy Faison (R-Cosby) in response said Tennessee receives just over $17 billion annually from Washington. And Faison points out that until four years years ago Tennessee was controlled by Democrats. WalletHub, is an online financial information source for consumers and small businesses.


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