TN among 9 states that cut taxes in 2016
State Tax Cut Roundup, an annual publication, highlights the pro-growth reforms that encourage economic expansion and competition and what certain states are doing to enact these reforms.
The report highlights states that cut taxes during the 2016 legislative year, including Arizona, Florida, Mississippi, New Hampshire, New York, North Carolina, Rhode Island, Tennessee and Utah.
“While hardworking American taxpayers have painstakingly waited 30 years for comprehensive tax reform at the federal level, states continue to take the lead by providing meaningful tax relief,” said Jonathan Williams, chief economist and vice president of the Center for State Fiscal Reform at ALEC. “Even with 2016 being a challenging year for state budgets in many cases, impressively, nine states still provided their citizens with substantial tax relief.”
Of the nine states that cut taxes during the 2016 legislative year, many states were repeat tax cutters: Arizona, Florida, Mississippi, New Hampshire, New York, North Carolina, Rhode Island and Tennessee have all previously qualified for the State Tax Cut Roundup. Notably, Florida is the only state that has qualified for all four editions of State Tax Cut Roundup. Meanwhile, Utah qualified for the publication for the first time.
“Tax reform may have stalled out on the federal level, but these nine states took a step in the right direction,” said Joel Griffith, Director of the Tax and Fiscal Policy Task Force at ALEC. “After all, states with lower tax burdens and more economic freedom regularly outperform their higher tax and more restrictive counterparts. Legislators successfully implementing pro-growth tax cuts are leading the way for others.”
To see a summary of the tax cuts by each of the nine states, visit alec.org.
The American Legislative Exchange Council is the largest nonpartisan, voluntary membership organization of state legislators in the United States. The Council is governed by state legislators who comprise the Board of Directors and is advised by the Private Enterprise Advisory Council, a group of private, foundation and think tank members.