11-01-2018, 09:42 AM
(11-01-2018, 08:49 AM)sally Wrote: I think it would be difficult to implement a state income tax, but Gillium does plan on raising corporate taxes. He's kind of like Bernie Sanders where he wants to take from the rich and give to whoever he deems deserving of it. Which I don't like that either. This is why I don't vote.
Yeah, Gillum's plan is to increase the corporate income tax rate by 2% (from 5.5% to 7.5%) on larger corporations to fund early education, vocational training programs, and to pull the wages of teachers from among the lowest in the country up to the national average.
Most businesses, however, would remain exempt from paying any tax because the state exempts the first $50,000 in taxable income.
Nobody likes tax increases. But, the funding needs to come from somewhere. Increasing spending while decreasing/maintaining current tax revenue (as is currently being done at the federal level) is a recipe for future economic disaster and ballooning debt.
I'd rather see an increase in state corporate tax on businesses that just had their federal tax burdens significantly reduced permanently....... than see income taxes increased for individuals whose deductions were recently slashed.
Anyway, increasing the Florida corporate tax from 5.5% to 7.5% would take Florida from having one of the lowest state corporate tax rates to being in the middle. https://www.taxadmin.org/assets/docs/Res...rp_inc.pdf