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%
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