Ramsey Pledges To Eliminate Hall Income Tax

Lt. Gov. Ron Ramsey told a Realtors group Monday of his plans to eliminate the state’s Hall Income Tax on investment income for those 65 years old and older, reports Hank Hayes.
“If you think we’re retirement-friendly now, wait until we do that,” Ramsey, R-Blountville, said of killing the Hall Income Tax at the annual Northeast Tennessee Association of Realtors (NETAR) legislative luncheon.
The Hall Income Tax, enacted in 1929, has exemptions for people over 65 with total income less than $16,200 for a single filer or $27,000 for a joint filer.
Ramsey, who owns and operates a real estate and auction company, said the 6 percent tax “shocks” retirees when they move to Tennessee.
“When they start drawing out their 401(k)s, they have to pay income tax on that. That’s wrong,” Ramsey said. “We want people to save for their retirement, put some money back … be responsible and have this nest egg built up so they don’t have to live on Social Security.
“We want more people to retire here and buy a house. I’m a Realtor. I get this. … You would be shocked at the number of people who live in Tennessee but they reside in Florida. Now those people can move back.”

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