Beacon CEO: Sales Tax Best for TN
After a recent report by the nonprofit Tax Foundation shows that Tennessee has the nation’s highest sales tax, Beacon CEO Justin Owen cautions against any efforts to move toward a different tax system.
“While we would love to see all taxes lowered, the sales tax is a stable source of revenue for the state and is paid by nearly everyone,” said Justin Owen, president of the conservative think tank, the Beacon Center of Tennessee in Nashville. “We’re fortunate not to have a tax on earned income because states that rely more upon the income tax generally aren’t growing as much and lose a lot more revenue when the economy turns sour,” he said.
Owen encourages lawmakers to offset any sales tax reductions with spending cuts, not other tax increases. Read the full article by the Chattanooga Times Free Press here.