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Tuesday, December 03, 2019

Hall tax is ending
Tennessee is on its way to becoming what some experts say is truly a no-income-tax state, one of just eight in the country. The state Legislature agreed in 2016 to start phasing out the Hall income tax, with its total elimination beginning Jan. 1, 2021. The Hall income tax was enacted in 1929. It is imposed on individuals and other entities receiving interest from bonds and notes and dividends from stock. From a 6 percent tax rate on investment income, the levy was to be reduced by 1 percent each year though 2020. Estimates from the Tax Foundation is that about 200,000 Tennessee higher income households pay the Hall tax. Currently, Tennessee relies primarily on sales tax revenue for operating costs. Issues arise however during a recession when consumers spend less and therefore sales tax revenues drop. That is why most states have an income tax, to ensure that the revenue stream remains steady during an economic downturn. Once fully phased out in 2021, Tennessee will join seven other states Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming that do not tax individual income.


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Monday, January 27, 2020

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