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Scott budget plan rolls back corporate biz tax, cuts property taxes $1 billion

by Dara Kam | February 3rd, 2011

Gov. Rick Scott’s budget plan includes a tax cut for businesses that would decrease corporate income taxes from 5.5 percent to 3 percent and roll back property taxes by $1 billion, the governor said in Tampa this afternoon.

Scott did not reveal details of how he plans to come up with the savings while also closing a $3.62 billion budget deficit but is scheduled to release his entire budget on Monday in Eustis.

Scott’s also blaming Florida’s budget woes in part on the federal health care law recently struck down by a Pensacola federal judge as unconstitutional.

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13 Responses to “Scott budget plan rolls back corporate biz tax, cuts property taxes $1 billion”

  1. Bill Says:

    I keep hearing cut , cut , reduce , roll back, but I dont hear how he is going to come up with replaceing what he is cutting no plan on how you going to get the money to pay for services, Is there a State income tax coming down the line? I wish for every Dollar cut he would show how we are going to recoup money lost or Cut because the Math does not add up , If you need Ten dollars and you only bring in Five that dont work , so I ask you Mr. Governor whats the plan to fill the Gaps

  2. Financial Attorney Says:

    Wow, Rick Scott that’s all it took to solve our problems in Florida huh?

    It’s the Federal Governments fault, plus since Florida’s going broke, at a rapid pace now due to your decisions. Let’s hand out tax cuts we can’t afford in a budget shortfall year already.

    Jee, had I of known that this formula was all it took to solve all these problems. I would of suggested just splitting up Florida’s General Fund, and sending checks out.

    Rick Scott, maybe in the world of “how to commit Medicare Fraud” you just keep billing medicare til caught, then plead 5th Amendment 75 times.

    However today in Florida your plan seems to drive Florida Taxpayers directly into bankruptcy, within a very short time.

    Here’s how this works, $3.62 Billion already. 1 Billion in tax cuts that won’t lead to any jobs = $4.62 Billion shortfall. A shortfall with no investment to actually improve conditions.

    Not only is your plan not sound thinking, its my opinion that you, Mr. Scott need to layoff the weed when trying to come up with economic solutions. The Half-Bake plan here in the article of yours looks like a new york style mob hit, with as many holes as the plan has.

  3. Robert John Newman Says:

    “Holes”….you got that right!

  4. Waiting until Monday Says:

    I would like to hear his plan on Monday when they say he is going to give us more details. I’m pretty sure he can do math…Financial Attorney. he seems to be doing pretty well with is own “little” investments. But maybe your math skills made you a billionaire also…what do I know.

  5. Robert John Newman Says:

    300 million may actually make him a health care expert…I guess its how you define “expert”

  6. lulu Says:

    I understand, cut taxes for small business, they will then be able to afford to hire more workers who then spend money on things they need; food, housing and such.

    When the housing market was up, people were moving to Florida taxes were up and government was rolling in the money, what did they do with all that money? Did they save it for a rainy day or did they spend like there was no tomorrow?

  7. BrendaStarr Says:

    Wasn’t he one of those guys who promised Jobs, Jobs, Jobs????? If you thought Floriduh was in the tank prior to this nimrod being elected, look again. What a disaster this guy is.

  8. Waiting until Monday Says:

    Yeah I think that’s the idea Brenda…you’ll get it later.
    You’re right Lulu hope they save it up this time.

  9. Financial Attorney Says:

    Here’s Financial Attorney Secret.

    You Watching!

    Live within your means. No bank owns me.

    In 2 weeks and because I use my US tax account as a saving account. I’ll be going out to purchase a 2010 Mustang GT, paid cash, boom.

    In 4 years from now, because I self finance, I’ll do it again. Bo-Boom

    Planning effectively products rewards. I could buy a BMW and finance. “Keep up with Jones”, not my interest. Real wealth is having the world come down around you, then knowing how to bounce back.

    My financial smarts made a bigger impact than you spending small amounts. The 2010 Mustang purchase will help in a big way a person’s salary.

    What I don’t do is have debt of $3.62 Billion and think that spending more by tax cuts further adding to that 3.62 Billion debt resolves anything. Its already been shown by 2010, that tax cuts did not produce jobs.

    Made the problem 10 tens worse.

  10. Financial Attorney Says:

    @Wait til Monday,

    Bad plumbing doesn’t improve with time.

    You figure Scott’s 3 days of reflection will produce the miracle of how tax cut’s won’t produce a bigger debt right now.

    Businesses employ me. They will take these tax cut’s and paid down there business debt right now. Everyone discussing taxes with me plans to do that in some way. Tax Cut’s won’t have a effect at all, besides producing larger budget shortfall’s now, and within next 2 years.

    I don’t need to wait 3 more days to figure out what I was taught already in Law school and in graduate finance study’s.

  11. mike Says:

    Why are the state workers been punished. We are number 47 in the nation in pay. Before the economy slump no one wanted state job because the pay was so low. Mr. Scott wants to punish state worker for our investigation that cause him to plea the fifth amendment.

  12. Dave Says:

    Financial Attorney said:
    “What I don’t do is have debt of $3.62 Billion and think that spending more by tax cuts further adding to that 3.62 Billion debt resolves anything.” and “You figure Scott’s 3 days of reflection will produce the miracle of how tax cut’s won’t produce a bigger debt right now.”

    I hope your a better attorney than you are at understanding the workings of government and public policy. First of all, the Constitution of the State of Florida does not allow deficit spending. It requires that the budget be balanced every year. The truth is that the State has $3.62 billion less to spend this year than it had to spend last budget year. That is not a debt. A debt would be if they borrow $3.62 billion and spend the same exact amount as last budget year. That is deficit spending. A debt is money which must be repaid.

    A budget shortfall is not a debt. A budget shortfall means that you have less money to spend this year than you had to spend last year. Programs and services can be cut and/or eliminated in order to keep the budget in balance as is required by the Florida Constitution.

    Now perhaps you are of the political and economic philosophy that you do not want any programs or services cut and/or eliminated. Perhaps you want everything that was funded last year by the State to be funded again this year by the State. Perhaps your a big government liberal who wants to see government maintain its size and continue to grow. Some people believe in that philosophy and some do not. I am not saying that being a big government liberal is an illegitimate philosophy but I am saying to at least be intellectually honest and do not try and call the $3.62 billion shortfall a debt.

    To put it more simply for everyone to understand, lets say your personal salary was $100,000 last year and you spent all $100,000 on expenses. This year your salary was cut to $85,000. That does not mean that you have $15,000 of debt. It means that you have to cut your spending on your expenses by $15,000. It would require that you do not go out to dinner as often. It would require that you do not go to the movies or the theater or sporting events as often or at all because you can no longer afford to do so. It may mean that you set the temperature on your thermostat higher so that your electric bill decreases. Maybe you change your diet to eat more chicken, pork and pasta instead of steak thereby reducing your expenditures. This is exactly the position that the budget for the State of Florida is in now. Their revenues have declined and they must now reduce their expenditures. If they choose to further cut taxes then yes they will have less money next year to spend than they have to spend this year. It also means that more government programs and services will be cut and/or eliminated next year. We can debate what the proper level of spending should be, either higher or lower, however to call the budget shortfall a debt is simply not true by any standard.

    Finally, you said: “I don’t need to wait 3 more days to figure out what I was taught already in Law school and in graduate finance study’s.”

    Perhaps you should have taken a few political science and economics classes so that you would understand the topic on which your speaking. Or perhaps you were just being an attorney and being deliberately misleading with your statements in order to advance your political philosophy.

  13. Waiting until Monday Says:

    2010 Mustang…that’s a great return on your investment. @ about $35,000 in 10 years it will be worth about $3,000 but if you would have invested that money @ 10% interest you would have nearly $180,000 (maybe more) in ten years. Great car though.
    Think I’ll wait and see what happens with someone who invests a little wiser.

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