Tennessee Among Nation’s Best In Individual Income Taxes
Tennessee Ranks High For Tax Policy Nationwide, According To A Tax Foundation Report That Looked At The Individual Income Tax Portion Of Its Recent 2023 State Business Climate Index.
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Tax Policy
Tennessee Mayors Say It’s Time For Tax Dollars To Stay In Their Cities
Local Tennessee Mayors Say It’s Time For Changes To Be Made To A 20 Year Old State Tax Policy That Siphons Off Sales Tax Dollars Raised In Their Communities.
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Global Minimum Tax Sparks Controversy
G7 Nations Have Indicated They Will Publicly Endorse A New Global Minimum Tax Rate Of 15%. Critics Argue The Plan Will Pass On Costs To Consumers And Sets A Dangerous Precedent For Allowing International Forces To Dictate American Tax Policy.
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Texas Attorney General Sues Biden Over Dictating State Tax Policy
Texas Attorney General Ken Paxton Has Filed His Ninth Lawsuit Against The Biden Administration, This Time Over A Provision In The Federal Government’s American Rescue Plan Act That States That To Receive The Funds, States Cannot Use Them To “Directly Or Indirectly” Offset Tax Revenue By Cutting Taxes.
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21 Attorneys General Fear American Rescue Plan Could Hijack State Tax Policy
The Attorneys General Sent A Letter This Week To Treasury Secretary To Confirm That Provisions In The American Rescue Plan Do Not Attempt To Strip States Of Their Sovereign Authority. They Argue Language In The Act Is Too Broad And Could Be Interpreted As A Blanket Policy.
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State Revenue Fluctuations In Tennessee Rank 15th Lowest In Nation
Tennessee Received A Fiscal Volatility Score Of 4.29 On a Pew Charitable Trusts Ranking measuring Two Decades Of State Revenue Fluctuations, Representing The 15th-lowest Score Among The 50 States.
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The Now-Complete Democrat Trifecta Threatens Tax Hikes
Though tax policy may have taken a backseat in these Georgia elections, the results raised the chances of significant tax hikes, and the undoing of progress made in the 2017 Tax Cuts and Jobs Act (TCJA), substantially. The most likely tax hikes that President Joe Biden will push for with a Democratic Congress are increases to income tax rates. During the campaign, Biden proposed to raise the top individual income tax rate from 37 percent to 39.6 percent. Taxpayers can only hope that Congress shows restraint and avoids sweeping changes that harm an economy that needs all the help it can get in the middle of a pandemic.
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