Inheritance Tax

Press release from the Office of Tennessee Gov. Bill Haslam; June 6, 2012: HUMBOLDT – Tennessee Gov. Bill Haslam today traveled to Luckey Family Farm in Humboldt to highlight the second of three tax cuts passed during this year’s legislative session and signed by the governor. Haslam held a ceremonial bill signing of HB 3760/SB […]

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Statement by Lt. Gov. Ron Ramsey; May 18, 2012: Dear Friend, Earlier this month, the 107th General Assembly concluded its business. My goals for this legislature were the same ones I had when first elected: give the people of Tennessee what they have asked for: more jobs, less spending and smaller government. Now, with partners […]

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Statement from Lt. Gov. Ron Ramsey, April 27, 2012:  Lt. Governor Ramsey Made the Following Statement Following Senate Passage of HB3760: “The American Dream — working hard to provide for your family — is not a dream that ends in death. Taxing those who have worked their whole lives to build and sustain a small […]

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Reductions to the taxes on groceries and inheritances were approved by the state House Thursday. Leadership at the Legislature expressed confidence the tax cuts would ultimately pass and be signed into law.

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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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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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Leading Republicans who recently said reducing the grocery tax is a bad idea are now lining up to support Gov. Bill Haslam’s plan.

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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