GOOD 4 BUSINESS
TFT supports Tennessee businesses.
Not only do local businesses bring us the goods and services we need, they create jobs and a thriving economy. Business taxes support the safety, transportation, infrastructure and many other services that make business operations possible. Jeff Wilson, a Nashville businessman, talks about taxes here.
We know small businesses in TN experience double tax loads from the federal government - taxing both company income and personal income of the owner. We take that issue seriously and will work for you in that policy arena.
Here at home, our tax structure now places undue, unfair levies on businesses owned by Tennesseans. The details include:
SALES AND FOOD TAX STRUCTURE - cause inequitable system of who is taxed what, and cause Border Drain. Businesses in border counties, 41 of them, lose millions of dollars every year as citizens cross state lines to buy goods and groceries at lower tax rates.
INTERNET SALES - when consumers make online purchases and avoid TN sales tax. This can be easily fixed. In fact, TN already has a law requiring payment in TN but has no way to collect. TFT is supporting state and federal initiatives underway to remedy this. Local businesses all over the country are hurting, and state tax revenues are hurting too. Of course, Tennesseans wouldn't mind the change so much if they didn't have to pay the highest sales tax in the nation.
COMBINED REPORTING - where large out of state corporations park their TN earnings in another state (usually Nevada or Delaware) to avoid paying Tennessee taxes. Consequently, TN small businesses get stuck with the bill. And state government gets much, much less in revenue than it should.
NOTE: This page has many fact sheets and videos to be attached to it. Thank you for your patience while we update the website.