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Wednesday, June 12, 2019

Tennessee tax comparison
To paraphrase Benjamin Franklin, taxes are one of only two certainties. Taxpayers in the United States pay over $11,000 a year on average in federal, state, and local taxes, or 20% of their gross annual pay. While all Americans are subject to the same federal income tax code, state and local tax policies vary considerably by state. 24/7 Wall St. recently calculated the average annual income after taxes in every state. The combined effect of taxes can reduce the average annual income by as little as 13% or by as much as 34%, depending on the state. In half of the states, taxes on property account for the largest share of state and local revenue and some of the states where residents pay the largest share of their annual income in taxes are also the states with the highest property taxes. Tennessee has the advantage of a booming tourism industry which means more revenue from the sales tax. In the Volunteer State, income averages $47,179, and residents pay 21% of their income in taxes....the 17th highest in the country. The average Tennessean pays nearly $6,600 in federal taxes, the 15th highest in the US. State and local tax collections per capita however total $3,324, the 2nd lowest among states. In Tennessee, the largest source of state and local tax collections: is the sales tax which accounts for 42% of total collections.


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Monday, June 24, 2019

  • NU power outage
  • Judge Duane Slone honored
  • Opioid deaths decrease in Tennessee
  • Congress blocks Saudi arms sales
  • Baby milk formula is recalled
  • Newport Street Department

    Sunday, June 23, 2019

  • Housing starts in Tennessee
  • Retirement costs
  • Suicide increases in Tennessee

    Friday, June 21, 2019

  • Roe representative to be in Newport

    Thursday, June 20, 2019

  • McCord visits Newport
  • Alexander sponsors legislation to reduce out of pocket medical costs
  • Messer arrest
  • Special session of CLB

    Wednesday, June 19, 2019

  • Cocke County budget discussions continue
  • Phillips charged in double murder
  • ETSU tuition to increase
  • Small business job growth
  • Library is closed
  •    

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