Tennessee's tax structure among the best
Tennessee Center for Policy Research president Justin Owen sits down with the Knoxville News Sentinel to discuss the benefits of our state’s tax structure compared to that of other states. Tennessee relies more on a consumption-based sales tax and lacks a state income tax that has hampered both economic growth and tax revenues for many states.
Justin Owen, president of the Nashville-based Tennessee Center for Policy Research – a think tank that advocates for limited government – said Tennessee’s tax system is more stable during an economic slump. “So states that rely heavily on an income tax are – more so than Tennessee – in dire straits when it comes to budget holes right now,” Owen said. “And so they’re having to cut a lot more; they’re having to potentially raise taxes in other areas to … plug their budget gaps whereas Tennessee, we do have a budget gap but it’s certainly not as bad as other states.”
Visit the Knoxville News Sentinel website for the full article.