State of Tennessee Archives: on Tax Reform
Eliminate Hall tax: 6% on unearned interest and dividends
In Tennessee, we can see some real progress: a phase-out of the state's much-loathed "Hall tax" on unearned income. The Hall tax has long been a thorn in the side of an otherwise low-income-tax state. Tennessee does not levy a general state income tax
However, the Hall tax was a 6% bite out of interest and dividend income from investments.
The elimination of the Hall tax is crucial for several reasons. First, in the race for residents and jobs, a state's tax environment becomes a huge factor.
Once the Hall tax is a thing of the past, Tennessee will become a more attractive destination for owners of Subchapter S corporations, as well as for retirees--in other words, anyone with investments.
Senate Commerce Committee Vice Chairman Mark
Green stated in support of the bill that "the best place for the earnings of our citizens is in their own personal budget and not the state's to spend." Green's words ring true with anyone looking for job-creating, growth-encouraging reform.
Source: Forbes Magazine OpEd on 2018 Tennessee Gubernatorial race
May 4, 2016
Simplify and streamline the tax code with flat tax
They differ on two issues that Adams has tried to underscore--Ball's support for the construction of the Keystone pipeline and his proposal for a flat tax that
Ball says would simplify and streamline the tax code and that Adams says would raise taxes for working people and the middle class and lower them for "millionaires like himself."
Source: Memphis Flyer on 2014 Tennessee Senate race
Aug 6, 2014
TN thinks differently: don't spend money; give back taxes
So what makes Tennessee different? Why are we coming out of one of the worst recessions this country has ever seen in a place of strength? I believe it's because we think differently. We have a long history of fiscal restraint that crosses party lines.
We have been deliberate about not spending money that we don't have and in making a concerted effort to save for the future. A good example was last year when there was temptation for some to quickly commit and spend funds that were coming in above
estimates, but in the tradition of our state's discretion, we held the line. And now we are well-positioned to continue to invest in a thoughtful, strategic manner. Unlike Congress, this body is willing to make hard decisions.
You've voted to cut the budget; you've voted to make key investments; and you've voted to set reserves aside for the future. You've also given Tennesseans their money back by cutting taxes.
Source: 2013 State of the State speech to Tennessee legislature
Jan 28, 2013
Repeal Bush tax cuts that favor wealthy Americans
Under the misguided policies of the Bush Administration & with the blind support of Lamar Alexander, Tennessee families are being hit right in the pocketbook with no relief in sight.
I will vote to repeal parts of the Bush tax cuts that favor wealthy
Americans, and sponsor legislation that will give tax relief to middle-class Americans. I support pay-as-you-go budgeting. Anytime Congress wants to spend more money or pass a new tax cut, it must designate where the money is coming from.
Source: 2008 Senate campaign website, tukefortennessee.com, “Issues”
Jun 3, 2008
Eliminate income tax, corporate tax, & estate tax
It’s time to insist on a Constitutional budget, coupled with the elimination of the income tax, the corporate tax, the estate tax, and all taxes which unfairly and improperly enable Federal bureaucrats to invade our privacy, regulate our conduct, or
steal from us the savings and earnings to which we and our families are entitled, and on which civil government has no legitimate claim.
Source: Remarks at National Affairs Briefing, Memphis, Tennessee
Jan 19, 1996
Page last updated: Mar 01, 2017