State and local governments depend on many different types of taxes, one of which is known as an excise tax. Like general sales taxes, excise taxes are paid on the purchase of an item. But unlike sales taxes, excise...
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- State Budgets: Florida Borrowing and Hitting Smokers and ...
State Budgets: Florida Borrowing and Hitting Smokers and Gamblers After Mortgage Stamp Taxes Fall
Florida Gov. Charlie Crist (R) recently announced his plan to close a $2.3 billion shortfall in the current $66.3 billion budget ("the People's Budget"), including borrowing $600 million from tobacco settlement money, drawing down reserves and savings from a 4 percent spending cut, claiming $135 million in returning for allowing expanded Seminole gambling, and shifting prison construction from current-year spending to borrowed bond funding. The plan has no tax or fee increases (aside from a proposed dishonest cigarette "fee" increase that's actually a tax increase) but the 2009-10 budget is expected to have a $5.8 billion budget gap. One cause of the volatility in revenue is a heavy reliance on document stamp taxes (on mortgages).
More on Florida here.
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