Tuesday, September 09, 2014

Beacon Offers Responsible Plan for Repealing the Hall Income Tax

Seniors, entrepreneurs, and the middle class are hurt the most by the Income Tax

NASHVILLE, (Press Release)  – The Beacon Center of Tennessee just released a brand new reform package to make Tennessee income tax-free once and for all.

This proposal provides meaningful and necessary tax relief to our state's seniors and job creators. It will not only help the people who currently pay the tax, but will also allow cities and counties around the state to be more competitive in attracting businesses and residents alike. 

The proposal suggests adopting a six year phase out, in which the rate of the current six percent tax would be reduced by one percent each year until it is eliminated entirely. 

“Many people are under the wrong impression that repealing the Hall Income Tax will only help the rich,” said Beacon CEO Justin Owen. "Our analysis shows that over 40 percent of the people who currently pay the Hall Income Tax make under $75,000 a year. This tax is disproportionately hurting the middle class and seniors.

Owen went on to say, "Our plan is a win-win. It is both gradual and responsible, and will help Tennesseans while not harming local governments."

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