State Senate votes to ban income tax in Tennessee
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03-09-2011, 07:02 PM
Join Date: Aug 2007
Originally Posted by
Here, I'll explain.
Right now, I only pay the state and local tax when I spend my money,
if it's in savings, I'm not taxed on it.
Local income tax would tax me every dollar I make.
Nashville specifically draws a lot of tourist each year, those people pay the same taxes I do for using most of the same stuff. A local income tax does not share that same burdon. I've yet to hear anyone say, "I'm not vacationing there, they have too high of a sales tax"
Tennessee does have an income tax. It's called the hall tax. Depends on where you keep your savings. If you have money in any kind of mutual fund, you probably have income that falls in that category.
"The state collects a 6 percent tax on income from dividends and interest on certain investments. The state keeps 62.5 percent of the tax collected and cities are allocated 37.5 percent based on where the taxpayer lives.
In fiscal year 2010, the state collected $172 million from the individual income tax, often called the Hall tax."
Also, in tennessee the constitution says we have to balance our budget. Other states, like California, are so f***ing far in debt that the whole US may end up bailing out that state.
Whether states have to balance their budget or not, imo, makes politicians/government a little more cautious in spending $$ that isn't theirs. ( a little, not a lot).
Face it, government is wasteful......If it wasn't wasteful, imo, people wouldn't vote down tax increases for the greater good. But heck, who wants to throw their $$ away ...
Last edited by predfan98: 03-09-2011 at
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