One of the most used resources on our website is historical tax rate information. For federal taxes, we go all the way back to the beginning: the federal income tax (1861-1872, 1913-present), the corporate income tax (...
- Memphis Commercial Appeal quotes Scott Drenkard on local sales taxes
Memphis Commercial Appeal quotes Scott Drenkard on local sales taxes
State sales tax rate pushes Memphis, Nashville into Top 10 among U.S. cities
By Richard Locker
April 11, 2012
NASHVILLE -- Memphis and Nashville are tied for 7th among U.S. cities with populations of 200,000 or more with the highest sales tax rates, mainly as a result of the state's 7 percent rate, according to an annual report issued Wednesday by The Tax Foundation.
Alabama, for example, has a state rate of 4 percent but Birmingham and Montgomery have local sales tax rates of 6 percent each.
"Of course, sales taxes are just one part of an overall tax structure and should be considered in context," said Tax Foundation economist Scott Drenkard, who co-authored the report Sales Tax Rates in Mayor U.S. Cities. "For example, Washington State has high sales taxes but no income tax while Oregon has no sales tax but high income taxes.
"Many factors influence business location and investment decisions, but sales taxes are something within policymakers' control that can have immediate impacts," Drenkard said.
The Institute on Taxation and Economic Policy (ITEP) released a report last month titled Who Pays? A Distributional Analysis of the Tax Systems in All 50 States. The study...
Minnesota Governor Mark Dayton (D) recently proposed his 2014-2015 biennial budget, which includes $2.1 billion in revenue increases. Included are increased income taxes on high-...
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