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Maury County Mayor Andy Ogles criticizes Gov. Lee for 'abuse of power'

Maury County Mayor Andy Ogles criticized Tennessee Gov. Bill Lee as House Republican Caucus calls for special session against schools requiring masks. ....

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Commentary: Four ways Tennessee's new trust regulations benefit individuals and families – Tennessee Lookout

Commentary: Four ways Tennessee's new trust regulations benefit individuals and families – Tennessee Lookout
tennesseelookout.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tennesseelookout.com Daily Mail and Mail on Sunday newspapers.

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Community Voices: Tennessee's tax burden unfairly favors higher earners

Do the federal and state tax laws favor wealthy individuals and corporations? According to the Institute on Taxation and Economic Policy there were 55 Fortune 500 profitable corporations that paid zero federal income taxes in 2020. Their pretax revenue totaled $40.5 billion according to their required annual financial reports.
Ed McKinney
The Republican Tax Cut and Jobs Act of 2017 legislation lowered the corporation tax rate from 35% to 21%. Neither the Republican corporate tax cut nor the 2020 Cares Act closed the web of loopholes that give corporations the opportunity to dodge taxes during a profitable year. The legislation also failed to require a minimum tax to be paid by all profitable corporations. At the suggested minimum tax rate of 15% to be paid by all 55 profitable corporations, the tax revenue for the U.S. government would have been $6.07 billion. ....

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Conservative budget from last year's pandemic uncertainty yields good news this budget season

ELIZABETHTON â Elizabethton City Manager Daniel Estes started the budget workshop on Thursday for the Elizabethton City Council by saying âI have some very good news.â
Estes said that good news was that the cityâs sales tax revenue has come in at about $1 million above the amount budgeted for the 2020-21 fiscal year. Estes told the council that was expected because the cityâs budget was extremely conservative this year because of all the economic uncertainty brought about by COVID-19. The city had very few programs and projects in the budget because of the uncertainty, except for the City Councilâs desire to spend more this year for repaving some city streets. ....

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New Hampshire Business Enterprise Tax Bill

March 4, 2021
Janelle Cammenga
A year ago, it seemed possible that New Hampshire was headed toward a triggered tax increase. Instead, lawmakers may trim business tax rates and begin the phaseout of the state’s tax on interest and dividend income, which would take away the asterisk and make New Hampshire the ninth state to forgo an individual income tax altogether.
Had certain revenues dropped 6 percent or more below projections, which seemed plausible early in the pandemic, recent triggered reductions to the rates of New Hampshire’s business taxes would have been reversed. Now some lawmakers are looking to get rid of the tax trigger altogether and ramp down tax rates on businesses in the next two years. ....

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