Too often tax policy is dictated by political favoritism. When politicians pick winners and losers they hurt business owners and hardworking taxpayers. Florida needs fair and common sense policies to promote jobs and financial security for families and small businesses.
The legislature should eliminate the corporate income tax, and put an end to all special interest, business-specific tax subsidies and exemptions. Government should not pick winners and losers or create policies that favor one company over another.
Eliminating favoritism for select businesses will decrease the burden on all Florida businesses, encouraging economic growth and job creation, while also eliminating the corporate welfare that is given to the select, politically favored few.
- Tax credits impede the free-market, narrow the tax base and drive up tax rates for those businesses or individuals who don’t qualify. Source: Tax Foundation
- According to the 2012 Florida Tax Handbook, there are approximately $3.242 billion in targeted exemptions and credits for businesses in the Florida tax code.
- Lower corporate tax rates result in higher Gross State Product, more rapid employment growth and increased population growth. Source: Rich States, Poor States, 5th Ed.
- Lowering corporate tax rates can increase tax revenues due to the economic growth they encourage. Source: Rich States, Poor States, 5th Ed.
- Business taxes affect job creation and retention, business location and competitiveness; higher rates result in lower wages for employees and higher cost products for consumers. Source: Tax Foundation
- A state’s corporate tax rate is the most relevant tax in the investment decisions of foreign investors. Source: Tax Foundation