Contributors would additionally must have maintained steady in-state residency for 20 years or extra.
In keeping with the proposal, the price of this system would equal roughly 3% of Tennessee’s annual state finances. It could possibly be funded by the state’s recurring surplus — estimated at $1.5 billion to $2.5 billion per yr.
Mitchell asserted that Tennessee has the fiscal capability to assist the initiative with out slicing present providers or elevating taxes.
“The cash is there. The query is precedence,” he stated. “If Tennessee can afford to present $1 billion yearly in tax cuts to huge enterprise, we are able to actually afford to guard the seniors who constructed our communities and have been paying into the system for many years.”
Underneath present regulation, Tennessee operates a property tax reduction program that reimburses qualifying, low-income elderly and disabled owners for a part of their annual property tax obligation.
That program — administered by the state comptroller’s workplace — sometimes distributes greater than $40 million yearly in tax reduction to 100,000-plus residents.
Mitchell and different advocates for the proposal say it might assist forestall tax foreclosures whereas permitting older owners to redirect restricted revenue towards native items, providers and well being care.
“That is accountable stewardship, not reckless spending,” Mitchell added. “Tennessee has the sources. What we want now’s the political will to guard the individuals who made Tennessee what it’s at this time.”
Supporters of the Golden Householders Tax Reduction Program are encouraging residents to signal a petition at Change.org to exhibit the demand for legislative motion.
