Tag Archives: taxes

Report: Tennessee taxes among most business friendly

When it comes to taxes, Tennessee continues to be one of the most business-friendly states in the country, according to a Tax Foundation report released today.
Tennessee ranks 15th on the 2014 State Business Tax Climate Index, unchanged from a year ago.
The index reflects the tax climate of each state as of July 1, 2013.
The Volunteer State has a more business-friendly tax climate than all neighboring states and in the southeast region, only Florida ranks higher at No. 5.
Wyoming has the nation’s most business-friendly tax structure, followed by South Dakota, Nevada, Alaska, Florida, Washington , Montana, New Hampshire, Utah and Indiana.
The most unfriendly states for business taxes are mostly on the coasts and in the northeast. The bottom ten are Maryland, Connecticut, Wisconsin, North Carolina, Vermont, Rhode Island, Minnesota, California, New Jersey and New York.
The Tax Foundation evaluated five types of taxes — corporate, individual income, sales, unemployment insurance and property taxes.
Not surprsingly, Tennessee ranked best — No. 8 — in individual income tax and worst — No. 43 – in sales tax. Tennessee has one of the highest combined state and local sales tax rates in the country.
Tennessee’s tax climate gives it an edge over most other states in the business recruitment.
Here’s an excerpt from the report:
“It is important to remember that even in our global economy, states’ stiffest and most direct competition often comes from other states. The Department of Labor reports that most mass job relocations are from one U.S. state to another, rather than to a foreign location. … State lawmakers are right to be concerned about how their states rank in the global competition for jobs and capital, but they need to be more concerned with companies moving from Detroit, MI, to Dayton, OH, rather than from Detroit to New Delhi. This means that state lawmakers must be aware of how their states’ business climates match up to their immediate neighbors and to other states within their regions
Click here for the full Tax Foundation report.

Survey: Tennessee small business friendly

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Small business owners gave Tennessee good marks for supporting
small businesses in a new national survey.

Tennessee earned a B+ in the “Small Business Friendliness
Survey” released Tuesday by Thumbtack.com, a website that offers to connect
consumers and businesses.

“Tennessee ranked among the top states for its support of
small businesses,” Sander Daniels, co-founder of Thumbtack.com said in a news
release. “Our research points to the importance of clear and consistent
regulations in creating a friendly environment for entrepreneurs, and this is
exactly what Tennessee delivers.”

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Tax Freedom comes early in Tennessee

From April 7, News Sentinel column:

Tax Freedom Day

Tax Freedom Day

Breathe easy, Tennessee workers. It’s a good day to celebrate.

The federal income tax deadline is looming, but you’re already ahead of the tax game.

As of April 2 you had earned enough this year to pay all of your federal, state and local tax obligations for 2013.

That’s right, Tax Freedom Day in Tennessee has come and gone.

 

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Tenn. 15th on State Business Climate Index

Tennessee slipped a notch, but remains among the most business-friendly states for taxes, according to a new Tax Foundation report released today.

The state is 15th on the Tax Foundation’s 2013 State Business Climate Index, down from 14th in the 2012 index.

The 2013 index reflects tax policies for the various states as of July 1, the first day of the 2013 fiscal year.

Tennessee’s taxes are more business-friendly than all bordering states, which can be an edge in business recruitment.

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Buffett Rule: Job killer or reasonable policy?

With the Buffett rule up for a Senate vote next week, the PR machine has moved into high gear as interest groups try to build public support for their side.

Depending on who’s talking, the proposed new tax rate for millionaires would be a massive job killer or a reasonable step toward balancing the federal budget.

Among the press releases landing in my inbox today were missives from the International Franchise Association and a group called United for a Fair Economy.

Guess which one supports raising taxes on rich folks.

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Are tax increases in our future?

The Knoxville Economics Forum will step into the middle of one of the most divisive issues of the presidential campaign at its April 20 meeting – tax increases.

Jane G. Gravelle, a specialist in the economics of taxation, is the keynote speaker. Her topic: “The Long Term Fiscal Outlook: Are Tax Increases in Our Future?”

Cutting taxes, especially corporate tax rates, are a central theme of the Republican candidates campaign, while President Barack Obama and the Democrats want to raise taxes on millionaires.

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Tennessee has nation’s lowest tax burden


Workers of Tennessee, take the day off. You’ve earned it. While most of the country will work
PAULSON+MONEY.jpg
another two weeks or more to reach Tax Freedom Day, Tennessee workers passed that milestone on March 31, according to the Tax Foundation.


Tennessee has the lowest average tax burden in the country this year, the foundation says.

Tax Freedom Day represents how long it will take the average worker to earn enough money pay his or her total federal, state and local tax obligation for the year. For the nation as a whole, Tax Freedom Day this year comes on April 17.

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Business taxes a heavy burden in Tennessee

Tennessee is in the bottom half of a new study that measures the tax burden businesses would face in each of the 50 states.

The Tax Foundation study released today ranks states based on the tax liability for both mature and new businesses. Tennessee is 29th in both categories, which means it has a heavier tax burden than most of the country.

“Corporate taxes on the state level rarely treat all comers equally, leading to sometimes dramatic disparities in the cost of doing business,” Tax Foundation president Scott Hodge said in a news release. “Tax preferences and incentive deals can distort the playing field based on how long a business has been operating, whether it’s a manufacturing or retail operation or whether it’s moved from another state to set up shop.”

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Ben Stein backs president on taxing millionaires

In case you missed it, President Obama’s campaign to raise tax rates on the rich gained an interesting ally a few days ago – Ben Stein.

In an interview on CNN, the economist/ actor said he rarely agrees with the president’s policies, but raising taxes on millionaires is “totally fair and abosolutely necessary” to save the economy. In his State of the Union speech last week, Obama said millionaires should pay at least a 30 percent rate.

It’s fantasy to believe that the economy will fully recover without raising takes on the uber rich, Stein said.

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Warren Buffett vs Sen. McConnell — no contest

The war of words between financial wizard Warren Buffett and Sen. Mitch McConnell is heating up. So far, the senator is losing. If McConnell wants to turn it around he needs to resuEconomy+Leaders.jpgrrect the shovel. (I’ll explain in a moment.)

On Wednesday, Buffett offered to match 1-1 any voluntary tax contributions made by Republican members of Congress.

Senate Transition.JPGBuffett singled out Senate Minority Leader McConnell for special treatment, offering a 3-1 match for contributions from the Kentucky Republican.

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