|
April 16 Tax Day Actions a Success!
On-line Tax Calculator Upgraded with Federal
Deductibility
On April 16, members gathered for events in seven cities across
Tennessee to distribute literature and bring media attention to the millions
the state loses every tax day. The message was simple, "Today is the Day Tennessee
loses $710 million to the Federal Government - That's money that could stay
in Tennessee if legislators had passed a state income tax as part of a comprehensive
tax reform package."
Unlike the sales tax, a state income tax can be deducted from
federal taxable income. Under TFT's Tax Relief and Reform Act of 2001 (SB 1808
& HB 1873), Tennesseans would save $710 million in federal taxes which more
than pays for the $500 million in new state revenues - meaning a net tax cut
for Tennessee taxpayers. This conservative estimate only accounts for those
who would actually itemize. The Rochelle-Head Plan will likely have similar
savings in federal tax dollars.
Media Coverage of TFT events was widespread:
- In Jackson, TFT made the front page of the Jackson Sun, local
television and radio!
- In Nashville, TFT made the front page of the Tennessean's local
section along with coverage on Channel 4.
- In Knoxville, TFT was on two of the three television stations.
- In Maryville, TFT made the front page of the Maryville Times.
- TFT also held events in Kingsport, Johnson City and Elizabethton,
where there was coverage on local television, the Kingsport Times and the
Bristol Herald.
In preparing for the event, TFT has upgraded the Tax Reform Calculator
to account for the savings people would realize from itemizing the state income
tax on their federal tax return. If you haven't already done so, use this on-line
calculator (www.fairtaxation.org) to see how tax reform will affect you. Just enter
your income filing status, a few other bits of information, and click a button.
|
