A new proposal by Governor Rick Scott has proposed temporary sales tax exemptions for back-to-school supplies, disaster preparedness items, and recreational activities. But this proposal would only serve as a band-aid and will not address the deep inequities in Florida’s tax code. In fact, the Institute on Taxation and Economic Policy said that such temporary exemptions would only benefit Floridians temporarily, while causing many to lose their homes to foreclosure. Fortunately, Florida has a tax reform alternative – the Working Floridians Tax Rebate.
The state has long fought for tax breaks for businesses, but the current policy does not go far enough. DeSantis has promised to veto the tax cuts if he loses the November election. But he has also promised tax breaks for businesses that double as campaign donors. One proposal will eliminate sales tax on Daytona 500 and Formula One grand prix tickets. Another plan is to give an exemption for aquaculture, which could benefit Atlantic Sapphire.
Florida lawmakers approved a $1.2 billion tax break for Floridians in a measure known as House Bill 7071. This plan includes ten sales tax holidays. This will make it easier for Floridians to purchase items that are commonly purchased by Florida families. The bill also lowers the price of gas by 25 cents a gallon. Fortunately, the state is addressing the problem of high inflation. It is also important to note that these new tax breaks will only benefit those in Florida.