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DeSantis Is Serious About Ending Property Taxes in FL—but Will It Work and Who Will Pay the $40 Billion Difference?
- Thread starter farce©
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Florida economy-with so much strength-is being strangled by mismanagement by the Pubes Folks there need to realize it is a big population State with a lot of bad news environmental issues-and yae it will cost some money from taxes to stay viable
lawtig02
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The spigot of money flowing into Florida — from Russian oligarchs investing in north Miami condos, to Venezuelans moving their funds to safer havens, to Rust Belt retirees moving to The Villages — is unlimited. Literally unlimited. If Florida can’t balance its budget, nobody can. And that has nothing to do with political leadership. It’s all about the weather and the proximity to wealth havens.
heelslegup
Distinguished Member
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Will probably let private equity do it all via a long-term sweetheart deal, al a Chicago parking deal,
This sounds like some of the crazy stuff Brownback tried in Kansas and that experiment failed spectacularly.
This sounds like some of the crazy stuff Brownback tried in Kansas and that experiment failed spectacularly.
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Give my your address I'll bring you some new boot straps to pull up.
It's interesting a guy with multiple properties and can afford the taxes routing for property taxes to go away.
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I would suggest the political leadership is what is constipating the Golden goose
JCTarheel82
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Lord willing.
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Too bad trump will not be around to see how convincing the cult that climate change is a hoax turns out.
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Florida already has an extremely regressive tax system that relies heavily on sales taxes
“…Because nearly 80% of Florida’s tax income comes from sales taxes and excise taxes, like taxes on motor fuel, alcohol and tobacco, the state’s tax system is often referred to as “upside-down.” It’s the state’s lowest-income taxpayers that pay the most in taxes.
Institute on Taxation and Economic Policy’s latest Who Pays? report found that the bottom 20% of Florida taxpayers had a state and local tax rate nearly five times that of the top 1%.
The average effective state and local tax rate is 13.2% for Florida families and individuals with the lowest income, 9.1% for those in the middle, and 2.7% for the top 1%.
Florida is one of 41 states that tax the top 1% less than every other income group and one of 34 states that tax residents with the lowest income at a higher rate than any other group.
So, how is it that low-income taxpayers end up footing most of the bills if everyone is charged the same percentage in taxes?
Income proportion is a big issue. When low-income taxpayers pay the same tax rate as high-income earners, they are paying a greater portion of their income comparatively.
Consumption patterns are another factor that coincides with income proportion. Low-income families tend to spend more of their wages on taxable necessities, while higher-income families can put extra income toward non-taxable items things like retirement or investments. …”
www.pnj.com
“…Because nearly 80% of Florida’s tax income comes from sales taxes and excise taxes, like taxes on motor fuel, alcohol and tobacco, the state’s tax system is often referred to as “upside-down.” It’s the state’s lowest-income taxpayers that pay the most in taxes.
Institute on Taxation and Economic Policy’s latest Who Pays? report found that the bottom 20% of Florida taxpayers had a state and local tax rate nearly five times that of the top 1%.
The average effective state and local tax rate is 13.2% for Florida families and individuals with the lowest income, 9.1% for those in the middle, and 2.7% for the top 1%.
Florida is one of 41 states that tax the top 1% less than every other income group and one of 34 states that tax residents with the lowest income at a higher rate than any other group.
So, how is it that low-income taxpayers end up footing most of the bills if everyone is charged the same percentage in taxes?
Income proportion is a big issue. When low-income taxpayers pay the same tax rate as high-income earners, they are paying a greater portion of their income comparatively.
Consumption patterns are another factor that coincides with income proportion. Low-income families tend to spend more of their wages on taxable necessities, while higher-income families can put extra income toward non-taxable items things like retirement or investments. …”
DeSantis brings up eliminating Florida property tax again during DOGE presser
For the second time in as many weeks, Florida Gov. Ron DeSantis has again supported the idea of doing away with property taxes.
www.pnj.com
HeelYeah2012
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Question for folks here just to confirm - do you guys view *all* sales tax as regressive?
I’m putting aside the whole proposal of eliminating property taxes in favor of more sales tax. But just sales tax in general, do you find it regressive?
If so, is this something that bothers you or just something you think we all need to live with since other forms of taxes (like income tax and property tax) are progressive?
I’m putting aside the whole proposal of eliminating property taxes in favor of more sales tax. But just sales tax in general, do you find it regressive?
If so, is this something that bothers you or just something you think we all need to live with since other forms of taxes (like income tax and property tax) are progressive?
1moretimeagain
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How bout they keep the property taxes and use the revenue to create a hurricane recovery fund that will make them self-sufficient in that department?
BillOfRights
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Do you view sales taxes as regressive?
Does a regressive tax bother you?
What do you think about lower income people paying a larger percentage of their income in taxes than higher income earners? How does that affect "the American Dream"?
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How are property taxes progressive in your view?
Since the value of real property is largely based on land and people all have to occupy land to survive, it would seem to be true that a larger percentage of the total cost of property Taxation for properties with lesser improvements is the land itself. Thats the non-negotiable part of existing...the land. The improvements are by choice. We still live in the same home we purchased in 2009 when our income was 1/3 the current level. We pay the same property taxes as those around us because we have the same footprint of house and land. Our home would sell for significantly more than most around us because of interior improvements that never factor into property tax assessed values. Most of our neighbors conservatively have half the income we do, a property that would sell for less, and pay the same amount of property tax we do.
How is that progressive?
As an accountant, you also must realize that marginally tax rates are meaningless when someone reaches certain income levels. It is VERY debatable that income taxes are truly progressive in this country. Drew and I are not married. He is a w2 salaried elementary teacher. My income is 5 times his. We file separately and I pay a lower effective rate than he does without any sort of aggressive tax treatment.