Harris: Cutting Hall Tax Benefits Wealthy Few

Press release from Tennessee Senate Minority Leader Lee Harris, D-Memphis, Sept. 23, 2015:

‘Let’s try to do something that benefits all of us during time of budget surpluses’

NASHVILLE – Senate Minority Leader Lee Harris released the following statement on a proposal to cut taxes on stock dividends for the wealthiest Tennesseans:

“School systems across the state have waited, waited and waited for full funding,” Sen. Harris said. “Now they’re supposed to wait a little longer so we can give a tax cut to a small number of Tennessee families, when many of them are already wealthy. Some might call this the ‘Wait a Little Longer’ bill. Let’s try to do something bigger, more transformative, that benefits all of us, during this time of budget surpluses.”

A recent analysis by the non-partisan Institute on Taxation and Economic Policy found that the average cut for the top 1% of Tennesseans would be $4,153, while the vast majority would see a cut of less than $15.