hall tax

Gov. Bill Haslam expects to release a list of edits to his budget plan Monday, but is staying quiet about how he wants to spend an unexpected influx of taxpayer dollars collected by the state. The governor did say he doubts there will be room in his $31 million budget for Lt. Gov. Ron Ramsey’s […]

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Depending on who you’re talking to, the talk of tax cuts at the Capitol amounts to election year politics or just good policy as the economy recovers. Here’s the lay of the land on who wants to cut what, and how that could impact the bottom line for Tennesseans.

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Lt. Gov. Ron Ramsey wants to reduce the tax on income from interest and dividends, and says he expects two bills aimed at the Hall tax to come up in the Legislature next week.

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Gov. Bill Haslam said he won’t know until next month whether he will support a reduction in the tax on large gifts. The tax ranges from 5.5 percent to 16 percent on gifts like land or automobiles.

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Lt. Gov. Ron Ramsey has said he wants the tax on investments reduced, but House Speaker Beth Harwell says she wants to take a pass on that this year.

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The governor said the state sales tax on food should be reduced to 5.3 percent, and that people inheriting up to $1.25 million should be exempt from the state’s inheritance tax. Haslam’s legislative agenda also hit on flexibility in school salaries, state hiring.

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Lowering the food tax might end up starving government of necessary tax-nourishment, the lieutenant governor said, and taxpayers wouldn’t notice it anyway.

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Press Release from Tennesseans for Fair Taxation, Jan. 28, 2011: A Bill has been introduced in the legislature to reduce the “Hall” Income Tax over time and eliminate it by 2015 (SB0033 by Burks/HB0046 by Sexton). Another bill (HB0122 by Sargent/SB0108 by Johnson) has been introduced to increase the amount of income exempted from the […]

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