Monday, November 5, 2007

2008 Florida Tax Relief and Reform Initiative

Here it is, the initiative Florida progressives should get onto the November ballot. This is critical, people. If we don’t do this, the right wingers will have their budget busting tax-breaks-for-the-well-off on the ballot and win it because we haven’t given the people an alternative.

(P.S: You right wingers out there are going to LOVE this!!! Though I have to admit, you anti-tax people are the sole remaining rational people in the Republican Party. I appreciate your posts).

I base this on basic Progressive principles. A tax system should be
1) based on a person’s ability to pay the tax
2) spread across a broad and diverse tax base
3) generate lots of money, whoopee! To fund an ambitious lite-socialist agenda such as fully funding existing government programs plus universal early education, parent training, park land acquisition and Everglades restoration, living wages and self-help anti poverty and economic development programs (subject to rigorous audits to prevent waste and corruption)
4) moderate the economic predation and inequalities of wealth that occur when large corporations and high-paid professions use their undue economic power to extract excessive amounts of money from lower and middle income people

2008 Florida Tax Relief and Reform Initiative

Section 1: Tangible Property tax.
A) Abolish all taxes on tangible property.

Section 2: Sales tax
A) Reduce state sales tax to 4%
B) End all exemptions to sales tax except for food, prescription drugs and permanent residential rentals
C) Extend sales tax to all non-medical services (B&C=$66 billion/yr)

Section 3: Intangible property tax
A) Reinstitute tax on investments over $1 million/individual abolished by Big Business Henchman, My-Daddy-didn’t -know -what-a-supermarket-price-scanner-was Jeb Bush. ($1.2 billion/yr)
B) Qualified pension plans shall be exempt.

Section 4: Corporate income tax
A) Adjust upward the corporate income tax to maintain revenue neutrality of current corporate contribution to state revenue in wake of property tax abolition
B) Close Jeb “my-mom-kept-calling-it-Hurricane Corrina-cause she doesn‘t care about the news” Bush loopholes and expand base ($1.6 billion/yr)
1) Reinstitute combined reporting
2) Tax S-corps
3) Tax LLCs

Section 5: Establish a graduated personal income tax ranging from 3% to 15% beginning on taxable income of $18,000 on a head of household ($$$$$!!!!)

Section 6: Inheritance tax
A) Recouple state inheritance tax to federal estate tax on estates over $1 million per individual ($1.2 billion/yr)

Section 7: State general revenue reserve fund.
A) The state shall by the end of Governor Mark Weaver’s first term maintain a $12 billion reserve fund (invested in a secure portfolio) to cushion budget shocks during economic/revenue downturns.

Gimme $1 million so I can get this on the ballot!



bytehead said...

You’re going to get 60% of the voters to vote for this with Section 5?

Vermont has the highest state income tax rate of 9.5%. You’re really going to go from have zero income tax to having the highest income tax rate in the nation?

Are the local governments going to be able to tax income as well?

I don’t see it. Even an income tax rate of 1% capped by Constitutional amendment isn’t going to pass.

The taxes are a mess, I’ll agree. This doesn’t pass the smell test.

(originally posted on the Florida Progressive Coalition Blog by me)

bytehead said...

That would be I don't know why the cut/paste borked the underscores. Ah, I see that the original post is borked as well. Oh well.