TNGA GOPers Attempting to Snake Constitutional Amendment Benefiting Tennessee's Wealthiest Families

[doeriver]

TNGA GOPers Attempting to Snake Constitutional Amendment Benefiting Tennessee's Wealthiest Families

The proposed SJR0018 Amendment to the Tennessee Constitution is being promotoed to the public by Republicans within the Tennessee General Assembly as an "anti-income tax" - the SJR0018 constitutional amendment is actually an end run deceit around protecting the interests and best benefit of working Tennesseans by making broad and permanent tax cuts for Tennessee’s wealthiest families.

This current effort to alter the Tennessee state constitution by Republicans within the Tennessee General Assembly is a blatant attempt by TNGA members to resurrect Lt. Governor Ron Ramsey's failed 2010 attempt (SB 3483) to eliminate State of Tennessee estate and inheritance taxes by dramtically raising the exemption threshold :

http://www.capitol.tn.gov/Bills/107/Bill/SJR0018.pdf

“The General Assembly shall not authorize any county, municipality, or other political subdivision of the state to tax incomes, payrolls, estates, or inheritances, or to impose any other tax not authorized by Sections 28 or 29 of Article II of this Constitution; and no county, municipality, or other political subdivision of the state shall levy any tax unless the tax is authorized by Sections 28 or 29 of Article II of this Constitution and unless the General Assembly authorizes the county, municipality, or other political subdivision to levy the tax.

Nothing herein shall be construed as invalidating the provisions of any municipal charter in existence on November 3, 1953.”

However, state inheritance and estate tax collections in Tennessee are stable even during a down economy:

Tax collections continue to decline
Deficit seen in almost all categories
http://myspartanews.com/articles/2010/03/20/news/doc4b9e23148776f159175139.prt
By Kim Swindell Wood
Editor
Published: Monday, March 15, 2010 7:16 AM CDT

Tennessee’s sale tax collections for February are following the same pattern as those in the past 21 months by showing a negative growth since the reported downward spiral began in January 2008.

White County’s specific figures were not available as of press time, but will be provided as soon as the information is available.

According to Tennessee Department of Revenue, the revenue collections for February 2010 totaled $638.9 million, which is $47.1 million less than the amount budgeted by the state. This amount is also a decreases of $29,40,344 from the February 2009 collections.

Dave Goetz, finance and administration commission, stated sales tax comprises almost two-thirds of the state’s revenue. However, Goetz reported that in spite of budgetary challenges, the department has designed a plan for balancing the budget.

…

Franchise and excise tax collections were $34,448,361, an increase of $1,043,176 or 3.1 percent over the collection in February 2009. Separately, franchise tax collections were $12,240,122, a decrease of $2,235,934 or 15.5 percent from last February. Excise tax collections were $22,208,439, an increase of $3,279,310 or 17.3 percent from February 2009.

Inheritance, gift and estate tax collections were $5,764,181, an increase of $1,630,026 or 39.4 percent compared to February 2009 collections.

For more information about revenue collections log onto
http://www.state.tn.us/revenue/

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Inheritance and Estate Taxes
http://retirementliving.com/RLtaxes.html

An inheritance tax is an assessment made on the portion of an estate received by an individual. It differs from an estate tax which is a tax levied on an entire estate before it is distributed to individuals. It is strictly a state tax.

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Tennessee Code Annotated 67-8-316(b)
In the case of a decedent dying: Amount
On or after July 1, 1998, but before January 1, 1999 $ 625,000
In 1999 650,000
In 2000 and 2001 675,000
In 2002 and 2003 700,000
In 2004 850,000
In 2005 950,000
In 2006 and thereafter 1,000,000

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SB 3483 by *Ramsey (*HB 2884 by *Mumpower)

Taxes, Inheritance Gift - As introduced, increases inheritance tax exemption for decedents dying in 2012 $100,000 per year until such amount equals $3.5 million. - Amends TCA Title 67, Chapter 8, Part 3

[Tsiyu]

1. Nobody wants to pony up

but the poor and middle class have borne enough of the burden.



It is not time for the have-it-alls to belly-ache about not having more, more, and more.