WZTV - Search Results

The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Lawmakers Seek to Eliminate Hall Income Tax

Stream Fox 17 newscasts LIVE starting with Fox 17 This Morning at 5 am and News at 9 pm.

NASHVILLE, Tenn. - A new plan has now been revealed to eliminate Tennessee's Hall Income Tax on stocks on bonds.

A group of Republicans say the tax is a punishment against saving money. The Hall Income Tax imposes a six-percent tax on dividends. Only about 118,000 Tennesseans currently pay it.
   
The Republican plan would reduce the tax rate by one-percent each year. "It is a double tax, a tax on top of a tax. A corporation is taxed on its profits, and then the individuals who invest in that company are turned around, and they get taxed on the dividend," says TN Sen. Mark Green, (R) Clarksville.

Many affluent communities like Brentwood, Belle Meade, and Oak Hill depend on the Hall Income Tax to support government operations. The Republican plan would give those communities several years to replace that revenue.

Follow us on Twitter @wztv_fox17 and LIKE us on Facebook for updates.