Transit plan will only cost residents an average of 17 cents per day
Our Research Team has analyzed the sales tax increase proposed to fund the Let’s Move Transit plan and found that the half-cent increase will only cost Davidson County residents an average of 17 cents per day.
This figure is based on the spending data of Davidson County residents from 2016 which showed 8.8 billion in retail spending.
Assuming $8.8 billion in retail spending, a half-cent sales tax increase will result in an additional 44 million collected in sales tax revenue. When this is divided amongst the total current population, 697,945 people, we find just 17 cents extra sales tax per day per person, or about $5 a month.
Of course, this is an average. The actual amount for each person will depend on how much taxable goods you purchase. Some people will pay less, and low-income transit riders who qualify for free transit passes under the plan will save money. People who buy more will pay a little more.
We believe the proposed transit surcharge is a small price to pay for the potential benefits of the proposed transit plan. Beyond providing new jobs during the construction and allowing our residents to access employment opportunities across the city through better bus service, the transit plan has the potential to set the tone for economic growth for the next few decades in Middle Tennessee.
As nearly 70 people move to Nashville every day, we need to think critically about how to handle the influx of new residents and businesses to our region. Having a transit plan that will help people get to and through downtown is essential to manage the growth of the Nashville region. “Transit is one of our biggest tools in being able to manage our growth,” says Erin Hafkenschiel, Director of the Mayor’s Office of Transportation and Sustainability in Nashville.
If you’d like to read more about the transit plan, see more of our research and learn how to get involved, visit Nashvillechamber.com/transit. If you would like to support the campaign for better transit, visit transitfornashville.com
You can read more about the methodology behind this research here.