As the state faces record budget shortfalls and families struggle amidst the worst economic downturn in decades, TFT has released a new video on YouTube about the role Tennessee's high food tax plays in making matters worse on both fronts.
The high food tax in Tennessee takes 28 days worth of groceries from every family each year. Repealing the food tax would be like getting an extra month's worth of groceries each year... enough food to last from Thanksgiving to Christmas.
At the same time, the high food tax drives shoppers into neighboring states, resulting in significant loss of sales tax revenue across our state lines. Now more than ever, as our budget shortfall approaches $1 billion, we cannot afford such an inefficient and uncompetitive tax system.
There is a better way to fund state services than with such a high food tax, whether closing corporate tax loopholes or enacting comprehensive tax modernization. With real leadership, legislators could both reduce the food tax while also raising hundreds of millions to help stave off the proposed budget cuts.
Tennesseans for Fair Taxation | Copyright 2008 | All rights reserved
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