Tax Policy in Florida - Tax Policy in Florida Taxes lower...

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Tax Policy in Florida Taxes lower than average, but dollar amount rising until 2007 Measure levels: Per capita - total state & local/population. Almost 3k per person, ranked 32 nd in country. State pay 2k per person, 35 th in country Tax burden - state & local/personal income. Based on wealth. Pay 9.4 cents per dollar. Ranked 44 th in country. Tax burden is down from 1980s. -Revenue growth going up from 2000-2004. Taxes seem to be growing faster than income -Public opinion trade off: 70% want to maintain services and 20% say reduce taxes Revenue Structure Total revenue- taxes that state collects (57%) and federal money that comes in (34%) every year (all funds budget) General revenue- money that Florida raises State general sales tax- almost 75%. 6% statewide base rate; there are exemptions for groceries, housing, hospitals, prescriptions Not as regressive (poor people pay higher % of income to taxes, wealthy pay lower %) Traditionally sales taxes are regressive because wealthier families don’t spend all their money, they save and invest;
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This note was uploaded on 05/10/2010 for the course POS 3182 taught by Professor Jewett during the Spring '09 term at University of Central Florida.

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Tax Policy in Florida - Tax Policy in Florida Taxes lower...

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