The State House passed two tax cuts yesterday.
The first reduces sales tax on groceries from 5.5% to 5.25%, a whopping .25% reduction, or 25 cents on every $100 worth of groceries. The impact on state revenues will be about $21 million, according to the bill's fiscal note.
The second tax cut phases out the state's estate tax, which will result in a $95 million per year reduction in state revenues. The tax is estimated to affect fewer than 1,000 families.
So do the math. Let's say 1,000 families equals 5,000 people. That means less than 1/10th of a percent (0.08%) of the state population will get nearly $100 million (about $20,0000 each) in tax breaks, while the other 99.9% will get a $21 million break (about $3.50 each), 25 cents at a time.
Or to summarize, the 0.1% get a $20,000 tax break and everybody else gets a $3.50 tax break. How very Republican!
- Standing Rock Sioux pipeline protest (1 reply)
- Jill Stein attempts to raise $2 million by Friday 4:00 pm for recounts (32 replies)
- MLK Center Job Posting (1 reply)
- Feeling old (1 reply)
- Christmas things to see and do in Knoxville (2 replies)
- Kakistocracy/Kleptocracy era (5 replies)
- Trump's Cabinet (26 replies)
- Gatlinburg on fire! (25 replies)
- Hillary Clinton's Popular Vote Lead Now Over Two Million (2 replies)
- Obama leaving economy better than he found it (3 replies)
- Airport connectivity (2 replies)
- Consumer alert: Humana Obamacare plans (1 reply)