Florida Group Focuses on Loss of Two Major Progressive Revenue Sources

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The Florida Center for Fiscal and Economic Policy (FCFEP) has released a new report detailing the effects of costly and regressive tax policy changes made by Florida lawmakers in recent years. 

The FCFEP report focuses on how the elimination of Florida’s tax on intangible property, and the repeal of the state’s estate tax, have drastically reduced Florida’s ability to provide vital public services.  Specifically, over $12 billion in revenue has been lost as a result of the disappearance of these two taxes.  Moreover, because each of these taxes was progressive, their elimination has also resulted in Florida’s tax system becoming sharply more regressive.

In this context, Governor-elect Rick Scott's proposal to eliminate the state's corporate income tax is especially alarming, because it would repeal the only progressive tax that Florida still levies.

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