Nashville Post: Possible Hall Tax Cut Among Road Blocks to the Budget

“Americans for Prosperity, the Koch-brothers-funded advocacy group, have pushed hard for the state to do away with the tax, calling it punitive for those who save for retirement. According to the Institute on Taxation and Economic Policy’s March 2014 report, the tax largely affects the state’s top 5 percent of earners who collectively pay approximately $160 million into the tax each year.

Gov. Bill Haslam says he would like to phase out the tax but has repeatedly warned that the state doesn’t have a wide enough base of revenues to afford cuts should revenues unexpectedly drop.”