Tennessee Makes Top 10 States to Retire
BY JUSTIN OWEN
Kiplinger just released its “State-by-State Guide to Taxes on Retirement.” For the first time, Tennessee moved into the top 10. And directly from the report:
“The Volunteer State moves onto our most-friendly list this year for two reasons: It eliminated its inheritance tax as of January 1, and it reduced its tax on stock dividends and interest income—known as the Hall tax—from 6% to 5%. The state plans to phase out the Hall tax entirely by 2022.”
These two tax repeals will make a huge impact on Tennessee’s economic outlook going forward, not just for seniors, but for all Tennesseans. Beacon was proud to play a part in both the efforts to kill the death tax and phase out the Hall Tax. With the latter, we became just the second state in history to repeal an income tax.
We can now welcome retirees to our state with open arms. No longer will retirees move here expecting to escape an income tax, only to start receiving bills in the mail when they draw down on their nest eggs. And with the elimination of the death tax, Tennesseans can rest easy knowing that they can provide for their loved ones’ futures without government stealing a massive share when they pass on.
Neither the death tax nor the Hall Tax represented the Tennessee way of doing things. Here, we reward saving and planning for your family’s future, not punish it. Now our tax policy is finally catching up with those values.