Good News for Tennessee...And You
Remember back during the Income Tax Wars and the State of Tennessee had to endure having its bond rating dropped from AAA to AA+ to AA? The story from the Sundquist administration was that not having an income tax was the culprit.
Via Bill Hobbs come news that Tennessee's bond rating has been raised! This means savings on interest payments, which eases tax pressures.
From The Tennessean:
S&P credited the upgrade to a structurally balanced budget, a turnaround in state finances that led to a surplus last year, and Bredesen's conservative approach to revamping TennCare, the state's troubled health-care program for poor, disabled and otherwise uninsured residents.And it was all done without an income tax! It's a miracle!
''The revision highlights the importance of financial responsibility in state government, and it confirms we're on the right track,'' state Finance Commissioner Dave Goetz said in a statement.
All the more reason to watch our legislators like a hawk. As our sales tax revenues continue to provide healthy surpluses, folks in Nashville are itching to start spending again. Don't let them! Make sure next session that we get a decrease in the sales tax, to put more money back into our pockets. After all, we'll likely have to pay more property taxes by then.