PRESS RELEASE

TALLAHASSEE -- Most Floridians won't be finished paying their taxes until Thursday, May 6, but they'll see an actual increase in their spending power this year, Florida TaxWatch announced today.

This year's Taxpayer Independence Day comes a day earlier than it did in 1998 and 1997, when it fell on May 7 because personal income is growing slightly faster (5.8 %) than taxes (4.7 %) during calendar year 1999.

"Most people think once April 15 rolls around and they've filed their income taxes, they're home free," said Florida TaxWatch President Dominic M. Calabro. "Unfortunately, even after the tax filing deadline passes, Floridians still have three weeks to go before they're through paying taxes and can begin working for themselves."

Taxpayer Independence Day is a symbolic date that assumes that every dollar earned since January 1 goes to pay federal, state and local taxes. Each year, the date is affected by two primary factors: personal income growth and increases or decreases in overall taxation.

However, the study also found that Floridians will enjoy the largest increase in buying power this decade. Florida TaxWatch projects that the average Florida family's effective buying power will increase in 1999 for the sixth straight year. The 1999 increase is 2.1 %, the largest increase this decade. After adjusting for inflation and taxes, the average household in Florida has an additional $865 available to spend this year over last.

These calculations are based on estimates of local, state and federal tax burdens for calendar year 1999. Some of the beneift of the legislature's historic $1 billion tax cut will be felt in calendar year 1999.

Among the study's findings:

Floridians must work more than one-third of the year— four months – or 125 out of 365 days to pay their tax bills.

Calculated on an hourly basis, Floridians must work from 9 a.m. until 11:44 a.m. every day to pay their tax burden -- one hour and 52 minutes to pay federal taxes, and 52 minutes per day to pay state and local taxes, for a total of two hours and 44 minutes.

For many Floridians, the tax toll is the single largest expense they must pay. That equates to $9,073 per person this year.

The Florida Tax Index stands at 182.0 in FY1999 federal, state and local taxes paid by Floridians have increased 82.0% since FY1990. These taxes grew 5.1% from 1998 to 1999.

"It is astonishing to realize that most Floridians pay about as much in local, state and federal taxes as they pay for housing, medical care and food – life's necessities." Calabro said. "It's important that citizens understand how much government actually costs so they can make better decisions about the quality and level of government they consent to."

For more information about Florida Taxpayer Independence Day, check out the Florida TaxWatch website at: www.floridataxwatch.org

Florida TaxWatch is the state's non-profit, non-partisan taxpayer watchdog organization. It is supported by voluntary contributions from citizens, businesses, labor organizations, professional firms, associations and philanthropic organizations. A recent study by Florida State University found that Florida TaxWatch helped taxpayers save more than $6 billion since 1980 – the equivalent of more than $1,000 for every household in Florida.