Tennessee says no to taxes ... again


As states continue to explore ways to raise revenue in a bad economy, including the implementation of a so-called "millionaire's tax" and increasing and expanding sales taxes, at least one state is saying "no new taxes." The state of Tennessee is currently facing a vote on a constitutional amendment to declare an income and payroll tax unconstitutional. There's just one catch: It already is.

Under state law, Tennessee does not tax individual wage income earned by state residents. Tennessee does, however, collect taxes on unearned income such as interest and dividends.

So why the vote?