Jonathan Williams and Skip Estes: Income Tax Would Not Save Florida
In their Florida Daily op-ed, ALEC Executive Vice President of Policy and Chief Economist Jonathan Williams and Legislative Manager Skip Estes explain why a personal income tax in Florida would not save the state from a fiscal crisis.
Income tax proponents find themselves in the awkward position of highlighting a very real problem facing state revenue collections, while offering a solution that will make the problem worse.
They are correct revenue volatility during a crisis creates serious fiscal problems; however, enacting an income tax will only increase revenue volatility. Worse yet, enacting an income tax would undoubtedly hurt economic growth in Florida.
When the COVID pandemic clears and Americans go back to work, job creators will resume looking for ways to grow their businesses and save money on taxes. Florida ensures it is best positioned for the post-COVID economy by resisting calls to raise taxes and maintaining its reputation as a pro-growth, low-tax state that avoids a personal income tax.