By
FPI Staff
|
October 6, 2017

Top 1 Percent of Earners in Florida Would Receive 68 Percent of State's Total Benefit Under Federal Tax Framework

Top 1 Percent of Earners in Florida Would Receive 68 Percent of State's Total Benefit Under Federal Tax Framework

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:

  • One in 10 residents would actually see a tax increase;
  • Sixty-two percent of the total tax cuts would accrue to residents who earn $1 million or more per year;
  • Sixty-eight percent of the tax cuts would go to the wealthiest 1 percent– those earning at least $620,400; and
  • The wealthiest 1 percent would see an average benefit of 4.7 percent of their income, compared to less than 1 percent for 95 percent of Floridians.

“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.

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