New report shows that one in 10 Floridians would see a tax hike under plan touted by the Administration and congressional leaders
LAKE MARY, FL – Floridians with income of at least $620,400 in 2018 would receive an average tax cut of $130,300, increasing their income by 4.7 percent on average, according to the Institute on Taxation and Economic Policy (ITEP). The new report, a 50-state analysis of the GOP tax framework, provides data on the distribution of the tax impacts across income brackets.
“Income inequality is a growing issue, and it’s about to become much worse if this tax plan becomes law,” said Joseph F. Pennisi, executive director of the Florida Policy Institute (FPI). “The Administration and House and Senate leaders are providing a windfall to those who need it the least.”
According to ITEP, in Florida:
“The $1.5 trillion in proposed tax cuts benefits primarily the wealthy at the same time that the Administration has proposed massive cuts to poverty-reduction programs and services that help struggling children, families and seniors in Florida,” 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.