Tennessee Conservative
The Tennessee House Passed A Franchise Tax Reduction That Amounts To $700 Million In Rebates And $400 Million Annually For The Next Few Years, Even Though Critics Said It Is Unnecessary.
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Tennessee Has Now Collected $279.9 Million Less Than Budgeted Through The First Five Months Of The Fiscal Year.
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Two Things Have Driven Tennessee’s Massive Rise In State Revenues Over The Past Five Years: The Ability To Collect Taxes On Internet Sales And An Enormous Growth In Franchise And Excise Tax Collections. But As The Online Sales Tax Money Becomes A Normal Part Of The State Budget And Lawmakers’ 2023 Franchise And Excise Tax Cuts Go Into Effect, The Days Of Significant Revenue Growth Are Likely In The Rearview Mirror.
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Tennessee Has Collected $2.3 Billion More Than Budgeted In Taxes And Fees Through The First 11 Months Of The Fiscal Year.
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Tennessee Collected $3 Billion In Taxes And Fees In April, Exceeding The Budgeted Monthly Estimate By $429 Million.
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Failure To Comply With Required Mandatory Withdrawals From Retirement Accounts Could Result In A 50% Excise Tax On The Amount Distributed, According To The IRS.
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Tennessee Has Now Collected $4.3 Billion More In Taxes And Fees Than Budgeted Through 11 Months Of The Fiscal Year.
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Tennessee Has The Second-Lowest Overall Tax Burden In The U.S., According To A New Ranking From Personal Finance Website Wallethub.
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