Beacon Releases Hall Income Tax Reform Package
If you have not familiarized yourself with the Hall Income Tax, perhaps it’s time to ask yourself this important question: Are you secure in your plans for the future? If you believe that you’re taking all the proper precautions to sustain yourself or your family for the years ahead, the impact of Tennessee’s Hall Income Tax may be reason to reconsider. The Hall Income Tax, instituted in 1929, applies a six percent tax to interest and dividend income received by individuals who maintain their legal residence in Tennessee. For those not eligible for exemptions, this tax is tremendously burdensome, yet it represents less than two percent of total state revenues. It is time that Tennessee legislators repeal the tax, return peace of mind to the thousands currently saddled with the punitive penalty, and bring an end to this asterisk on Tennessee’s otherwise laudable income-tax free reputation.
Below are the contents of our reform package, a comprehensive plan to make Tennessee income tax-free:
Brief: Tennessee’s Income Tax Asterisk – Beacon Director of Policy Lindsay Boyd outlines the need for repealing the Hall Income Tax and explains how it can be done responsibly in this policy brief.
Faces of Freedom: Our State, Our Future – Beacon calls for eliminating the Hall Income Tax on stocks and bonds by telling the stories of seniors and entrepreneurs harmed by the tax.
Opinion: Hall Income Tax Hurts Tennessee, Especially Seniors – Beacon Director of Policy Lindsay Boyd exposes the pitfalls of Tennessee’s income tax in a Tennessean article.
Infographic: The Hall Income Tax – These graphics show how little the state and local governments rely on the Hall Income Tax for revenue, despite the harmful impact it has on those who pay it.