Overview of Tennessee

State Funds Budget Data

• Estimated 2023 State Funds Budget ($ Billions): $26.75
• Budget Limit ($ Billions): $28.23
• Budget Limit Growth ($ Billions): 5.53%
• Cost per person of budgeting more than pop+inf over the last decade in 2022 budget: $488.48
• Cost per family of 4 of budgeting more than pop+inf over the last decade in 2022 budget: $1,954
• Cumulative cost per person of budgeting more than pop+inf over the last decade: $1,228.02
• Cumulative cost per family of 4 of budgeting more than pop+inf over the last decade: $4,912.09

State All Funds Budget Data

• Estimated 2023 All Funds Budget ($ Billions): $50.73
• Budget Limit ($ Billions): $53.53
• Budget Limit Growth ($ Billions): 5.53%
• Cost per person of budgeting more than pop+inf over the last decade in 2022 budget: $2,088.87
• Cost per family of 4 of budgeting more than pop+inf over the last decade in 2022 budget: $8,355.48
• Cumulative cost per person of budgeting more than pop+inf over the last decade: $2,349.99
• Cumulative cost per family of 4 of budgeting more than pop+inf over the last decade: $9,399.96

Other Considerations

• Economic Freedom (2020) (Rank): 5 [Fraser Institute]
• State Tax Collections Per Capita (FY2021) ($): $2,864 [Tax Foundation]
• State Tax Collections Per Capita (FY2021) (Rank): 38 [Tax Foundation]
• State-Local Total Tax Burden per Capita (2022) ($): $4,036 [Tax Foundation]
• State-Local Tax Burden per Capita (2022) (%): 7.60% [Tax Foundation]
• State-Local Tax Burden per Capita (2022) (Rank): 3 [Tax Foundation]
• Top Income Tax Rate (2023) (%): 0.00% [Tax Foundation]
• Top Income Tax Rate (2023) (Rank): 1 [Tax Foundation]
• Flat or Progressive Income Tax (2023) (Flat/Progressive/Zero): Z [Tax Foundation]
• Overall State Business Tax Climate Index (2023)(Rank): 14 [Tax Foundation]
• Corporate Income Top Tax Rate (2023) (%): 6.50% [Tax Foundation]
• Corporate Income Top Tax Rate (2023) (Rank): 23 [Tax Foundation]
• State-Local Sales Tax Rate (2023) (%): 9.55% [Tax Foundation]
• State-Local Sales Tax Rate (2023) (Rank): 2 [Tax Foundation]
• Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 0.67% [Tax Foundation]
• Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 37 [Tax Foundation]
• Tax and Expenditure Limit (0-3): 2 [American Legislative Exchange Council]
• Tax and Expenditure Limit (Rank): 3 [American Legislative Exchange Council]
• Right-to-Work Law (2022) (Y/N): Y [American Legislative Exchange Council]
• State-Local Spending per Capita (2022) ($): $10,334 [US Government Spending]
• State-Local Spending per Capita (2022) (Rank): 6 [US Government Spending]
• Official Poverty Rate (2020-22) (%): 11.4 [Census Bureau]
• Official Poverty Rate (2020-22) (Rank): 30 [Census Bureau]
• Supplemental Poverty Rate (2020-22) (%): 8.3 [Census Bureau]
• Supplemental Poverty Rate (2020-22) (Rank): 24 [Census Bureau]
• Labor Force Participation Rate (Dec. 2022) (%): 58.90% [Bureau of Labor Statistics]
• Labor Force Participation Rate (Dec. 2022) (Rank): 41 [Bureau of Labor Statistics]