The Florida Center for Fiscal and Economic Policy โ€”ย which studies how state fiscal and economic policy impacts low- and moderate-income individuals, families and neighborhoods, workers, and small businesses โ€” says in a November report:

Two taxes targeted specifically to wealth held by individuals disappeared during the last decade after having been collected in Florida for more than three-quarters of a century. The absence of that tax revenue has meant less money for state services like education, health care, and public safety, as well as a heavy reliance on the regressive sales tax.

The two eliminated wealth taxes are the intangibles tax and the estate tax. Gone with them are billions of dollars that could have bolstered funding for services like education and health care.

Floridaโ€™s [taxation] system has always been unbalanced and often inadequate to meet the needs of the state. The tax structure has proven even more inadequate during the economic downturn. It also has been narrowed to focus more than ever on taxes paid disproportionately by middle- and low-income residents.

The Institute on Taxation and Economic Policy shows that in Florida the poor and the middle class pay more taxes than the top 20 percent of residents, whose median annual income ranges from $113,000 to over $2.5 million.

Florida Republicans promise to cut property taxes, reduce government spending and promote business-friendly regulatory reform in an effort to create jobs. The Florida Independent reported last week that Gov.-elect Rick Scott repeated that he would cut property taxes, despite warnings that such a move would hurt education.

The FCFEP report:

Eliminating Taxes on Wealth

You May Also Like
FEC lawsuit
Read More

Judge shoots down motion to add Buchanan to FEC lawsuit

At a hearing held this morning in a Jacksonville federal courthouse, a judge denied a motion by a former business partner of Rep. Vern Buchanan requesting that Buchanan be added to a lawsuit brought by the Federal Election Commission. The judge once acted as legal counsel for Republican Sen. Mel Martinez, a friend of Buchanan's.