Arizona Governor Doug Ducey is expected to sign a budget bill the Arizona Legislature sent to him on Friday that includes a historic tax reform package. HB 2900 implements the lowest flat tax in the country, 2.5%. The average Arizona family will see a 13% income tax reduction, about $350 per year. According to the nonpartisan Tax Foundation, Arizona previously had one of the highest marginal income tax rates in the country.
The budget bill also eliminates taxes on veterans’ retirement pay and prevents a 77% increase on small business taxes. It reduces property taxes by 10% on small businesses and job creators by 10%, capping the maximum tax rate on businesses at 4.5% and reducing commercial property taxes. According to a report by Ducey, 43% of Arizonans in the private sector work for small businesses. HB 2900 increases the homeowner’s rebate so the state covers half of homeowners’ primary property taxes. Read More
Tennessee ranks as one of the top states in the nation in terms of how it funds its pension systems, according to a report that the Arlington, Virginia-based American Legislative Exchange Council (ALEC) released this week. ALEC officials titled their report Unaccountable and Unaffordable, 2020. This annual report collects and analyzes each state’s unfunded public pension liabilities. The report finds state governments’ unfunded liabilities total $5.82 trillion nationwide – an average of $17,748 per person. Read More
Cutting taxes, paying down debt and maintaining free market policies this past year helped Georgia and other states improve their rankings for economic competitiveness, especially during the COVID-19 pandemic. An Arlington, Virginia-based organization this week released a report that praised Georgia, among other states, for its economic policies. Members of that group, The American Legislative Exchange Council (ALEC) published the report, which they titled Rich States, Poor States. This is the report’s 14th edition. Read More
Tennessee’s Hall Tax, as of this coming Friday, will cease to exist.
Experts say that will bring new opportunities to Tennessee and make the state’s economy more competitive.
The Hall Tax, instituted in 1929, applies a 6 percent tax to Tennesseans’ interest and dividend income. In 2016 members of the Tennessee General Assembly phased out the Hall Income Tax over years of scheduled reductions. Read More
Tennessee Gov. Bill Lee ranks seventh in The American Legislative Exchange Council’s new scorecard that assesses America’s 50 governors on policy performance and leadership before and after the start of the COVID-19 health crisis. Members of the Arlington, Virginia-based ALEC released their 2020 Laffer-ALEC Report on Economic Freedom Tuesday.… Read More
Tennessee tax revenues for the month of July exceeded the budgeted estimate by $667.1 million, Tennessee Department of Finance and Administration Commissioner Butch Eley announced Thursday.
Overall revenues of $1.86 billion in July were $689.4 million more than state revenues in July 2019.
The higher-than-expected revenues for July has the state finishing the 2019-2020 fiscal year in a surplus position of $369.2 million against the budgeted estimate and 2.42 percent above last year, despite the impacts of the COVID-19 economic slowdown. Read More
Tennessee ranks eighth out of 50 states in economic outlook, according to the 2020 edition of Rich States, Poor States, released Wednesday.
The Virginia-based American Legislative Exchange Council published the book. Economists Jonathan Williams, Art Laffer, and Stephen Moore wrote it. The authors say they base a state’s economic outlook ranking on its current standing in 15 state policy variables. Read More
Tennessee ranks 23rd this year on the American Legislative Exchange Council’s Annual Report Card on American Education. Read More
People are fleeing high tax states and relocating to states such as Tennessee, according to Stephen Moore of the American Legislative Exchange Council. Read More
State Senate Minority Chairwoman Raumesh Akbari, a Democrat, plans to sponsor legislation that could automatically help restore the right to vote for people with low-level felony convictions. But some research indicates felons, when given the chance, overwhelmingly pull the levers for Democrats. Is Akbari, who represents Memphis’ 91st District, doing… Read More