Press Release from the Beacon Center of Tennessee, March 4, 2014:
Beacon Center joins effort to provide tax relief to seniors and job creators; Lawmakers, tax reform groups unveil plan to repeal Hall Income Tax on stocks and bonds
NASHVILLE – The Beacon Center of Tennessee today joined with other tax reform groups and legislators in support of phasing out the Hall Income Tax on stocks and bonds. House Finance Chairman Charles Sargent, Sen. Mark Green, Americans for Prosperity’s Tim Phillips, Americans for Tax Reform’s Grover Norquist, Tax Foundation’s Scott Hodge, and Beacon CEO Justin Owen unveiled a plan this morning to phase out the state tax.
The Hall Income Tax imposes a levy on income derived from stocks and bonds. It hits seniors and entrepreneurs the hardest, as both groups rely more heavily on this type of income than others. Beacon has featured the story of a retired couple who moved to Tennessee only to discover our state’s “income tax secret,” as well as the story of a young entrepreneurs whose business decisions are negatively impacted by the tax. The stories can be found in Beacon’s new report, “Our State, Our Future,” linked here.
“It’s time for Tennessee to end this tax that overly burdens our seniors and job creators,” said Beacon CEO Justin Owen. “It drives investors out of our state and puts undue pressure on our retirees.”
Sen. Mark Green and Rep. Charles Sargent will spearhead the legislation, which will phase out the state portion of the tax over a period of six years. The measure also includes provisions to ensure that the phase out is done in a fiscally responsible manner.
“We are grateful that Sen. Green and Chairman Sargent have made this such a top priority,” continued Owen. “And to have national leaders like Grover Norquist, Tim Phillips, and Scott Hodge lend their expertise to the effort makes this a great day for Tennessee.”
The Beacon Center of Tennessee’s mission is to change lives through public policy by advancing the principles of free markets, individual liberty, and limited government.