Both plans diminish any nominal tax benefit for low- and middle-income taxpayers by 2027
LAKE MARY, FL – As Congress irons out details on a final tax bill, the D.C.-based Institute on Taxation and Economic Policy (ITEP) released a side-by-side comparison of legislation passed by the U.S. House and Senate. The ITEP data show the disproportionate benefit that wealthy Floridians would receive under both bills.
“By 2027, any small income tax benefit that low- and moderate-income Florida families may see in 2019 is either gone or greatly diminished. This is not tax reform.” said Joseph F. Pennisi, executive director of the Florida Policy Institute. “In a one-two punch, the loss of revenues will result in deep cuts to high-demand federal programs and services.”
The ITEP analysis delineates the projected implications for tax liability, by state, based on income. Florida data are provided in the chart below.
“I urge the Florida congressional delegation to consider the best interest of hard-working Sunshine State families and reject the final tax bill,” added Pennisi.
The Florida Policy Institute is an independent, nonpartisan and nonprofit organization dedicated to promoting widespread prosperity through timely, thoughtful and objective analysis of state policy issues affecting economic opportunity.