Report: Tennessee Has Nation's Highest Sales Taxes

Wednesday, 19 Mar 2014 01:20 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Tennessee’s combined state and local sales tax rate of 9.45 percent is highest among the 50 U.S. states, according to the Washington-based Tax Foundation.

Consumers in Tennessee pay an average local tax of 2.45 percent in addition to a statewide levy of 7 percent, the foundation, a nonprofit research group, said in a report yesterday.

Arkansas had the second-highest combined rate at 9.19 percent, followed by Louisiana at 8.89 percent.

Among other key findings in the report:

  • Forty-five states collect sales taxes and 38 states collect local sales taxes.
  • Virginia, Arkansas, Ohio, and Maine recently raised sales tax rates.
  • Arizona, Kansas, and the District of Columbia have recently cut
  • sales tax rates.

While California has the highest statewide sales tax at 7.5 percent, the population-weighted average of local levies is just 0.91 percent, bringing the total to 8.41 percent, or eighth-highest.

Delaware, New Hampshire and Oregon have no state or local sales taxes, according to the Tax Foundation. Tennessee, with 6.5 million residents, is one of nine states with no tax on wages.

Tennessee collected $4.8 billion in state sales taxes between July 1 and Feb. 28, equal to about two-thirds of total revenue, according to data released March 12. Collections increased 3.3 percent compared with the same period in the previous fiscal year.

Debt sold by Tennessee and its localities earned 3.03 percent this year through March 17, compared with the 3.36 percent in the broader $3.7 trillion municipal-bond market, Barclays Plc data show.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

California Senate Passes Gun Database Checks Bill

Friday, 22 Aug 2014 22:46 PM

The California Senate passed a bill on Friday requiring local law enforcement to search a database of firearms owners in . . .

Parole for John Lennon's Killer Mark David Chapman Denied Again

Friday, 22 Aug 2014 22:19 PM

John Lennon's killer was denied release from prison in his eighth appearance before a parole board, correction officials . . .

Crowdfunding Effort for Ferguson Cop Raises Hefty Sum

Friday, 22 Aug 2014 21:30 PM

A crowdfunding website set up for a white police officer whose fatal shooting of an unarmed black Missouri teen set off  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved