Senator Ketron Wants to Slash Taxes

Dec 13, 2011 at 08:10 am by bryan

State Senator Bill Ketron wants to do away with Tennessee’s death taxes and the Hall income tax. The two create about $300-million dollars in revenue for the state each year. The Hall income tax was enacted in 1929 and is a tax imposed only on individuals and other entities receiving interest from bonds, notes and dividends from stock. The tax is a 6% rate. The death taxes include inheritance and estate taxes that are imposed on decedents' estates that exceed the maximum single exemption. Despite Senator Ketron wanting to do away with these taxes on individuals, it is unlikely to happen in a year that the economy is performing poorly. In order for the taxes to be slashed, the state will have to make up the loss of revenue elsewhere. 

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