![]() It is easy to lose sight of efficient, effective, and equitable tax and spending policies when state reserves are at historic highs and revenue forecasts continue to surpass estimates. ![]() However, with state tax collections slowing down and a potential recession looming, plans to cut taxes, offer new tax expenditures, and enact short-term sales tax holidays without strategies to raise revenue will only make it harder to balance future budgets. Additionally, the governor’s tax proposal includes new short-term sales tax holidays, year-long holidays, and permanent tax expenditures that would cost $1.4 billion, a $322 million (or 22.4 percent) increase over the current-year tax package. The governor is proposing a $114.7 billion budget, which represents an increase of $4.7 billion, or 4 percent, over the current-year budget. ![]() Ron DeSantis unveiled his spending and tax proposals for fiscal year (FY) 2023-24.
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