If the "Sequester" kicks in on March 1, the immediate cuts to the budget authority are $85 billion, and the Congressional Budget Office has indicated that spending will be reduced by $44 billion by the end of September 2013. It is incredibly important that everyone understands how detrimental these cuts will be to U.S.'s fourth largest economy and to its recovery from the Great Recession. This Economic Commentary details some of the effects of these automatic federal spending cuts on Florida.
This Briefing looks at the history of the CST in Florida, compares Florida's rates to other states, finding that Florida is the fourth-highest state in the U.S. for this tax, and recommends that the Legislature look to reduce CST rates to "benefit a wide range of Floridians, affecting virtually all individuals and businesses."
Due primarily to its substantial and unpredictable long-term costs, the Florida TaxWatch Government Cost Saving Task Force has made recommendations to reform the current Florida Retirement System (FRS) for the past several years. Given the complexity of this issue, this Report is a further expansion, clarification, and reinforcement of these recommendations.
This Budget Watch looks at the details of the Governor's $74.2 billion proposed budget for FY2013-14.
This month's Economic Commentary focuses on job growth in Florida during 2012. The analysis shows that Florida has continued its recovery from its most recent recession, showing strong job creation in a significant number of sectors.
The economic modeling done in this Report, looking at the impact of investing more in Florida's tourism industry, indicates that the Florida tourism industry reaching the milestone of 100 million annual visitors would create 121,298 jobs, and increase overall personal income for Floridians by $5.3 billion.
Continuing a legacy that has resulted in the savings of at least $3.5 billion in Floridians' hard-earned tax dollars over the last four years alone, Florida TaxWatch added more than $1 billion in cost-saving options for lawmakers this year, with the release of this Report. This year's Report is the fifth in as many years from Florida TaxWatch, the independent, nonpartisan, nonprofit taxpayer research institute and government watchdog headquartered in Tallahassee.
Consistent with the research and educational mission of Florida TaxWatch, the 2012 Voter Guide is the third consecutive Guide released during a statewide election cycle. TaxWatch released similar Guides in 2010 and 2008, and has written extensively on individual Constitutional Amendments going back nearly 30 years.
The September 2012 Florida TaxWatch Budget Outlook provides details on the revenue projections, how much spending is expected to increase, and a look at Critical and High Priority Needs items within that expected increase.
A proposed Constitutional Amendment on the November 2012 ballot would create Florida jobs, grow Florida's Gross Domestic Product, and increase the personal income of Floridians, according to this new analysis from the TaxWatch Center for Competitive Florida
Updated to include Governor Scott's vetos, this piece details the progress made this legislative session on the GCSTF Recommendations for FY 2012-13
Friday, April 20, is Florida Taxpayer Independence Day 2012, as estimated by Florida TaxWatch. On that day, Floridians are finally earning money for themselves –not for the tax collector. This symbolic date assumes that every dollar earned since January 1 goes to pay federal, state, and local tax obligations.
"Continuing ten years of research on this issue, this short piece was produced to call attention to the ""remote sales tax"" or ""e-fairness"" issue which will likely come before the Legislature again in 2013."
The final report of the Commission on Review of Taxpayer Funded Hospital Districts, which was chaired by TaxWatch President & CEO Dominic M. Calabro.
The Tangible Personal Property Tax raises nearly $2 billion annually for state government but many believe its benefits are offset by the cost to Florida businesses and a lack of uniformity in its application to taxpayers across the state. This report recommends a constitutional amendment to give the Legislature flexibility in administering the tax.
"This symbolic date assumes that every dollar earned since January 1 goes to pay federal, state, and local tax obligations. "
"Just weeks after being sworn in as governor, Rick Scott released his first budget which called for several billion dollars in spending cuts and the layoff of thousands of state workers. "
"Facing an estimated $5 billion to $6 billion shortfall, lawmakers faced some tough decisions. This report examines sources of general revenue and their impact. "
"Sales taxes, corporate income taxes, and medical and hospital fees are scrutinized for the revenue each is likely to provide to lawmakers."
"Budget drivers such as Medicaid, school enrollment and voluntary pre-K are examined in this report which explores the budget shortfall facing the 2011 legislature. "
"This symbolic date (April 16) assumes that every dollar earned since January 1 goes to pay federal, state, and local tax obligations. "
PowerPoint explores local and state tax structures and details spending and budget figures.
"This report, written independently of Florida TaxWatch, defines this scholarship, enumerates its benefits, and explains how it relates to both high-poverty and low-poverty schools."
"Despite talk of a looming budget shortfall, the final budget of Charlie Crist's tenure as governor called for a $2.7 billion increase in spending. "