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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Tennessee Ranks High in Economic Outlook, New Study Says

Tennessee ranks seventh out of 50 states in economic outlook, according to the 2019 edition of Rich States, Poor States, released this week. That’s an improvement over how Tennessee ranked in 2018 (No. 12) and especially five years ago, in 2014 (No. 19), according to the book. A No. 1 ranking is the best and a ranking of 50 is the worst. In 2017, however, Tennessee ranked fifth out of the 50 states for economic outlook. The prior year Tennessee legislators phased out the Hall Income Tax over six years of scheduled reductions. The Arlington, Va.-based American Legislative Exchange Council published the book, written by Jonathan Williams, Art Laffer, and Stephen Moore. The authors say they base a state’s economic outlook ranking on a state’s current standing in 15 state policy variables. “Each of these factors is influenced directly by state lawmakers through the legislative process,” they wrote. “Generally speaking, states that spend less — especially on income transfer programs — and states that tax less — particularly on productive activities such as working or investing — experience higher growth rates than states that tax and spend more.” Variables authors considered included, among other things, property tax burdens, estate and…

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