Monday
May212012
Tennessee Legislative Leaders Approve Large Tax Cuts
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(NASHVILLE, Tenn.) -- Gov. Bill Haslam alongside Tennessee's legislative leaders plan to phase out the state’s inheritance tax, creating an estimated $164.1 million in tax cuts by 2016.
The Chattanooga Times Free Press reports that lawmakers approved the phasing out of the gift tax and the lowering of sales taxes on groceries from 5.5 percent to 5.25 percent.
"We cut taxes really three times," Gov. Bill Haslam said. "This year it was fairly significant."
Copyright 2012 ABC News Radio
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