Tennessee’s Hall Tax Ends This Week, Promises New Economic Opportunities for the Volunteer State

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.

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Commentary: A Wealth Tax Is Practically and Morally Bankrupt

Joe Biden hopes that his proposals to raise taxes significantly will propel him to victory on Election Day. Biden plans to increase the corporate tax rate by 33 percent, raise individual tax rates, and eliminate the cap on income subject to payroll tax. According to an analysis by the Tax Foundation, Biden’s tax plan will reduce national GDP and ordinary earners’ incomes. 

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Tennessee Ranks High in Economic Outlook Compared to Other States, New Report Says

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.

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