Tennessee's current formula uses a combination of sales, property and payroll. It's a strong example of a tax scheme that functioned in the 1980s but today creates a disincentive for businesses to create jobs and invest in our state.
Many of the states with the fastest job growth have changed to a sales-only apportionment formula. My bill brings Tennessee in line with these forward-thinking and growing states with which we regularly compete for capital investment and job growth.
We found that Tennessee has fallen behind other states in protecting our in state businesses from unfair competition from out of state companies. To remedy that, we will file the Revenue Modernization Act, which aims to level the playing field in terms of sales tax and business taxes.
The bill also capitalizes on trends that we're seeing in product distribution by creating an incentive for companies to use Tennessee's distribution industry, which maximizes our state's strengths. We are committed to Tennessee remaining a low tax state. This proposal simply brings us in line to better compete with other states and to not put our in state businesses at a disadvantage, which we are doing today.
He continued: "This country's $17 trillion in debt. The rich are getting richer, the poor are getting poorer, & the middle class is disappearing. Our democracy is being hijacked! It's been held back by millionaires, by corporations, & by special interests."
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