Tennessee’s relatively low tax rate helped the state outperform the country in its economic growth over the past decade, according to a new conservative study that ranks Tennessee as one of the top states for its economic outlook.
But in the annual ranking of states by the conservative American Legislative Exchange Council, Tennessee slipped from seventh place a year ago to eighth place in the new comparison of the 50 states.
From 2008 to 2018, Tennessee’s overall economy as measured by its gross domestic product grew by 44.7% — the 11th fastest of any U.S. state and above the national average in all but three of the 10 years. The Volunteer State also added a net 251,287 persons from domestic migration — the 8th highest of any state — and grew payroll employment by 13% to rank No. 12 for job growth among the states.
A new study by the conservative American Legislative Exchange Council credits Tennessee’s relatively low tax rates and right-to-work labor policy for much of those gains. Tennessee is one of nine states that don’t have a personal income tax and Tennessee is phasing out its tax on inherited income and other unearned income at the end of […]
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