Posted on Feb 9, 2020
State Individual Income Tax Rates and Brackets for 2020
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Posted >1 y ago
Responses: 2
Tennessee is primarily a sales tax state (kind of a usage) tax. They do have a tax (Hall Tax) on some investment income, but it is on the way out. From the article....
Forty-three states levy individual income taxes. Forty-one tax wage and salary income, while two states—New Hampshire and Tennessee—exclusively tax dividend and interest income. Seven states levy no individual income tax at all.”
Forty-three states levy individual income taxes. Forty-one tax wage and salary income, while two states—New Hampshire and Tennessee—exclusively tax dividend and interest income. Seven states levy no individual income tax at all.”
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Cpl Vic Burk
MCPO Roger Collins Correct me if I am wrong but didn't Tennessee do away with the Hall Tax last year? I thought I read something about that somewhere. They make up for it in sales tax and other Bullcrap taxes though.
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Cpl Vic Burk
MCPO Roger Collins - Thanks for the clarification. I thought it has ended. I was surprised. Never heard of any government agency cancelling a way to collect taxes!
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Kentucky is at 5% but last time I talked with our state rep, they were exploring ways to go to more of a sales tax base and gradually do away with income tax sort of like Tenn. But the cost of living is much lower than California. If you watch those flip or flop shows based in California, a house they buy for $360,000 I can buy here for less than $75,000.
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