Tennessee Can Go Income Tax Free

Tennessee is smart to not tax wages. However, the state does have a tax investment income, known as The Hall Tax. Enacted in 1929 by then Tennessee Senator Frank Hall, the Hall Tax imposes 6% levy on investment income. Senator Mark Green and Representative Charles Sargent have proposed legislation to repeal the Hall Tax and make Tennessee a true no income tax. With other states, including many in the same region as Tennessee, moving to cut taxes and make their codes more competitive this year, it is important for Volunteer State legislators to make the most of the 2015 session, by passing reforms to make the state as attractive as possible to investment, job creation, and retirees looking for a friendly place to settle down.

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