Here is what Florida TaxWatch thinks the Legislature should do.
The 2022 legislative session begins today and, despite the pandemic, Florida is in an enviable fiscal position. The state’s current budget is record in size, as are our budget reserves. Revenue collections are back above pre-pandemic levels, and this Legislature will have even more money available for the next budget cycle, made possible by both strong economic performance and billions in unappropriated federal funds. |
The story of Florida TaxWatch in 2021 was one of taxpayer victories and a hand in the recovery of one of the world’s (14th if Florida were a country) biggest economies. |
Often overlooked in favor of more eye-catching employment headlines such as unemployment rates and job creation numbers, job quitting rates are an indispensable part of understanding the overall economic recovery. Newly released national data from the U.S. Bureau of Labor Statistics (BLS) reveal the number of people quitting their jobs in November 2021 hit a record high of 4.5 million—far above any other level on record since data first started being recorded. Since the summer of 2021, a collective 21.3 million individuals have quit their jobs across the nation. |
Fiscally, Florida is in good condition. This is also true of the state’s debt position. FY 2020-21 marks the eighth consecutive year with a debt ratio below the 6 percent target. |
With Flush State Coffers, the Governor’s Budget Would Make Significant Investments While Leaving Billions in the Bank
As the Florida TaxWatch Budget Watch series1 has been detailing, the budget outlook for the state is extremely rosy. Governor DeSantis’s 2022-23 budget recommendations reflect the current fiscal environment. It totals $99.7 billion and just like the current budget, the price tag does not fully account for all the spending it contains. |
The Infrastructure Investment and Jobs Act (IIJA),1 signed by President Biden on November 15, 2021, will make a significant investment in the nation’s transportation system and other infrastructure. Billions of dollars will be distributed to the states for a wide range of projects, including all modes of transportation, broadband, cyber security, water infrastructure, energy, climate change, resiliency, and pollution mitigation. Florida will get a sizable chunk of these funds. |
On November 26, 2021, Florida TaxWatch received the Bond Oversight Committee Quarterly Report for the Quarter Ended September 30, 2021 (“Quarterly Report”). This report provides updated information on the implementation of the District’s SMART Program and the use of general obligation bond funds to purchase and install technology upgrades, purchase music, and art equipment, improve school safety, upgrade athletic facilities, and renovate educational facilities. |
IT WAS NOT LONG AGO THAT FLORIDA WAS TURNING THE PAGE FROM A TUMULTUOUS 2020 and preparing for a much-awaited economic rebound throughout 2021. |
For more than a year, Floridians have experienced first-hand the changes, challenges and, in many cases, the frustrations that arise when a pandemic affects global trade. |
The Florida TaxWatch Budget Watch series has been detailing the rapid recovery of the state government’s revenue collections from the initial precipitous drop in the early months of the COVID-19 pandemic. We have highlighted how current General Revenue (GR) estimates are back above the last pre-pandemic estimates. Coupled with billions of dollars in federal aid, Florida is in enviable fiscal shape as the Legislature heads into the 2022 Regular Session. |
Congress Should Learn Its Lesson and Leave Well Enough Alone
There are times when we are uncertain what will happen if a particular public policy is implemented. A proposal in Congress about cuts in interchange fees on credit cards is not one of them. |
Have you ever wondered how Florida’s taxes stack up against the taxes in other states? If so, this report is for you. |