Posts Tagged ‘state budget’
Beacon CEO Justin Owen on the withdrawal of the Hall Income Tax repeal bill:
“We are deeply disappointed that we could not provide needed tax relief to Tennessee’s seniors and job creators by repealing the Hall Income Tax. But it is important to note that this bill died purely based on perception due to unexpectedly poor revenue news delivered during the course of the debate. There is strong support among Tennesseans for repealing this tax, and the economic benefits a repeal would provide are indisputable. We will not back down until this immoral and economically destructive tax is off the books and Tennessee becomes truly income tax free once and for all.”April 17th, 2014 | Recent News
This recent Forbes column exposes Tennessee’s income tax secret and notes Beacon’s success in telling the stories of those impacted by the Hall Income Tax.
…But, more importantly, tax policy affects real families and their ability to build a sustainable life. This report, published by The Beacon Center, gives real-life examples of how this little-known tax hurts retirees who have selected Tennessee because of it “no-income-tax” claims. The truth is that the Hall Tax penalizes seniors by creating unexpected retirement expenses. For one middle-class couple who has retired to Tennessee and primarily lives off the income of their hard-earned savings and investments, the Hall Tax came as a surprise. They now are finding themselves with the difficult decision of uprooting to a “true” no-income-tax state, such as Florida.
The report also tells the story of a successful Tennessee entrepreneur, Nickolas Holland, who would like to cease collecting a salary from one business while he spends time growing his second business. His choice would be to draw income from his shares of stock from his more stable first company. His plans have been thwarted by the heavy penalty of the Hall Tax.
Tennessee has done much to create an environment that is attractive to, and supportive of, its workers, business owners and retirees. In fact, my own home state of Missouri could learn much from our neighbor to the east. Volunteer State leaders should seriously consider putting an end to this “hidden” tax that penalizes seniors and job-creators and prevents future investors.
Read the entire article here.April 4th, 2014 | Recent News
NASHVILLE – The Beacon Center of Tennessee today joined with other tax reform groups and legislators in support of phasing out the Hall Income Tax on stocks and bonds. House Finance Chairman Charles Sargent, Sen. Mark Green, Americans for Prosperity’s Tim Phillips, Americans for Tax Reform’s Grover Norquist, Tax Foundation’s Scott Hodge, and Beacon CEO Justin Owen unveiled a plan this morning to phase out the state tax.
The Hall Income Tax imposes a levy on income derived from stocks and bonds. It hits seniors and entrepeneurs the hardest, as both groups rely more heavily on this type of income than others. Beacon has featured the story of a retired couple who moved to Tennessee only to discover our state’s “income tax secret,” as well as the story of a young entreprenuer whose business decisions are negatively impacted by the tax. The stories can be found in Beacon’s new report, “Our State, Our Future,” linked here.
“It’s time for Tennessee to end this tax that overly burdens our seniors and job creators,” says Beacon CEO Justin Owen. “It drives investors out of our state and puts undue pressure on our retirees.”
Sen. Mark Green and Rep. Charles Sargent will spearhead the legislation, which will phase out the state portion of the tax over a period of six years. The measure also includes provisions to ensure that the phase out is done in a fiscally responsible manner.
“We are grateful that Sen. Green and Chairman Sargent have made this such a top priority,” continued Owen. “And to have national leaders like Grover Norquist, Tim Phillips, and Scott Hodge lend their expertise to the effort makes this a great day for Tennessee.”
The Beacon Center of Tennessee’s mission is to change lives through public policy by advancing the principles of free markets, individual liberty, and limited government.
###March 4th, 2014 | Recent News