Tennessee moves forward on removing income tax
Tennessee residents could soon receive a significant boost to their paychecks as the state legislature moves ahead with a measure to repeal the state's income tax, The Tennessean reports. On Wednesday, the state Senate voted 28-5 in favor of removing the tax, which would significantly alter payroll processing in the state and reduce the amount of funding state's government receives.
The news source reports that the bill would ax any future plans to install an income tax and institute a ban on payroll taxes. However, income taxes on stock dividends and other investments would remain in place. Supporters of the bill believe removing the income tax would lead to important job creation in the state.
"Not having a state income tax has already brought jobs to Tennessee," State Senator Brian Kelsey told the Tennessean. "(The amendment) would help makes us the No. 1 state in the southeast for jobs."
According to the Bristol Herald Courier, the state legislature attempted to pass a income tax ban in 2002. This time around, opponents of the bill claim banning the income tax is unnecessary because of the state's strong financial footing.
The news source reports that the bill would ax any future plans to install an income tax and institute a ban on payroll taxes. However, income taxes on stock dividends and other investments would remain in place. Supporters of the bill believe removing the income tax would lead to important job creation in the state.
"Not having a state income tax has already brought jobs to Tennessee," State Senator Brian Kelsey told the Tennessean. "(The amendment) would help makes us the No. 1 state in the southeast for jobs."
According to the Bristol Herald Courier, the state legislature attempted to pass a income tax ban in 2002. This time around, opponents of the bill claim banning the income tax is unnecessary because of the state's strong financial footing.
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