The Tax Foundation’s International Tax Competitiveness Index ranks the United States tax code 32nd out of 34 OECD countries. An obvious question to ask, then, is why the U.S. remains so wealthy, and so successful at...
- The Tax Policy Blog
- 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.
Subscribe to the Tax Foundation Newsletter
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.