Capitol Bell – Tennessee is on the road to becoming income tax-free

Capitol Bell – Tennessee is on the road to becoming income tax-free

The Daily Signal
May 5, 2016tennessee-welcome-sign-750
Good afternoon from Capitol Hill, where many lawmakers still think we need more government red tape to tame financial markets. Not only are they incorrect, Mollie McNeill argues in summarizing a joint study by four think tanks, but they should get behind three big reforms. Justin Owen finds good news for saving and investing in the repeal of one state’s nest-egg tax. Soyoung An, a visiting fellow at The Heritage Foundation, examines the scourge of honor killings in Pakistan.

Tennessee is on the road to becoming income tax-free. Many people already think Tennessee is one of only a handful of states with no income tax, but as middle-class retirees can attest, it is anything but. While the state does not tax income from labor, it has levied a 6 percent tax on investment income since the establishment of the Hall Income Tax in 1929, writes the Beacon Center of Tennessee’s Justin Owen.
The horrible practice of honor killings in Pakistan. The Heritage Foundation’s Soyoung An writes more than 1,000 girls and women die in honor killings in Pakistan each year. The United Nations estimates that there are about 5,000 honor killings around the world annually, including in the U.S. and Europe. Honor killings are murders or attempted murders generally carried out by male family members against female family members as punishment for bringing dishonor on the family.
The myth that regulation can stop financial crises. Regulation doesn’t prevent financial crises—a fact that the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act conveniently ignored. Born from the myth that deregulated markets caused the 2008 crisis, Dodd-Frank inserts the federal government into virtually all components of the financial sector. The legislation polices everything from derivatives markets to payday lending, and it has (so far) burdened the U.S. economy with thousands of pages of rules, writes The Heritage Foundation’s Mollie McNeill.
What we’re reading: “The Food and Drug Administration has banned e-cigarette sales to minors under the age of 18 on Thursday, a widely expected move. The ban coincides with other regulations for e-cigarette products. More than 40 states already ban e-cigarette sales, but the FDA decision will mean a ban nationwide. The agency issued other regulations for e-cigarette products, including a new approval process for products that hit the market.” Read more at the Washington Examiner.
ONE MORE THING

Recently, some have claimed that international trade is responsible for unemployment in the United States. It can be shown that over the last 40 years this has not been the case.
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