Gillum’s Loss Spares Floridians 40% Tax Hike

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Posted by ATR on Tuesday, November 6th, 2018, 9:57 PM PERMALINK

Democrat Andrew Gillum's loss in the Florida gubernatorial election will spare Floridians his massive 40% corporate income tax hike. Republican Ron DeSantis defeated Gillum in a contest with significant national ramifications.

The Gillum tax hike would have given Florida the highest corporate tax in the region.

The Bernie Sanders-backed Gillum wanted to impose a massive tax increase on Floridians, starting with a corporate tax hike of over 40 percent, a tax hike of over a billion dollars.

The Gillum tax would have given the state a higher corporate tax rate than Georgia, South Carolina, North Carolina, Tennessee, Alabama, and Mississippi.

The neighboring state corporate rates are as follows:

North Carolina            3.0% (Note: NC's rate is dropping down to 2.5% in Jan. 2019)

South Carolina            5.0%

Mississippi                  5.0%

Georgia                        6.0%   

Tennessee                   6.5%

Alabama                      6.5%

GILLUM TAX HIKE      7.75%             

Thankfully Florida voters rejected the tax-hiking Gillum.

"DeSantis took the Pledge never to raise taxes," said Grover Norquist, president of Americans for Tax Reform. " Gillum didn't take the Pledge and instead threatened a 40 percent tax hike on Floridians. Voters made their choice."

See also: Florida Examples of Tax Reform Good News

Photo Credit: 401(K) 2012

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