The Times Free Press: A Taxing Question
media mentionThe Institute on Taxation and Economic Policy, a liberal-leaning think tank, last spring estimated that if the Hall tax were eliminated, Tennessee’s wealthiest residents with annual incomes of $970,000 would receive “a whopping 63 percent of the benefits of the tax cut.” Another 23 percent would end up in federal coffers because those who paid the Hall tax would no longer be deducting state payments on their federal tax returns. The remaining 14 percent “would be spread thinly” among other Tennesseans with small investments who would save an average of less than $50 per year, according to the think tank analysis.