HB0046/SB0033 filed by Rep. Cameron Sexton (R-25) and Sen. Charlotte Burks (D-15) would abolish the income tax on stocks and bonds by 2015, while lowering the tax rate from 6% to 4% in 2013 and from 4% to 2% in 2014. This is currently the only form of income tax our state government is authorized to collect under its Constitution.
Abolishing the Income Tax on Stocks and Bonds
January 13, 2011 - Author: Tennessee Leger
Categories: Bills, Burks, C., HB0046, House District 25, SB0033, Senate District 15, Sexton, C., tax
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3 Comments until now
[...] This post was mentioned on Twitter by A.C. Kleinheider. A.C. Kleinheider said: Bill filed that would eliminate the tax on stocks and bonds in Tennessee: http://bit.ly/gW8bt8 [...]
As any professional finacial/tax person or economist would explain,
the sooner we eliminate this tax AND TN’s Inheritance Tax, the sooner wealthier retirees will relocate to TN and begin the process that will eventually result in higher total TAX revenues to TN from sales, property and other taxes (as well as their spending and charitable giving).
Every day TN delays – it loses (i.e., the present value of that higher income stream is lower) and TN loses retirees to FL & TX.
[...] Sen. Ron Ramsey (R-2) filed SB0261 which would increase the Hall income tax exemption for taxpayers 65 years of age or older. The minimums would increase from $16,200 to $26,200 for single filers and go up from $27,000 to $37,000 for persons filing jointly beginning January 1, 2012. This Bill is in addition to the increased caps proposed by Rep. Charles Sargent and Sen. Jack Johnson, or abolishing the Hall income tax altogether. [...]
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