Truth Teller50 @tteller50 - Twitter Profile

about 1 hour ago

Florida has no individual state income tax. So if somebody earns $100,000 in wages, Florida doesn’t take a percentage of that paycheck as a state income tax. That is especially valuable to someone making millions, which is why the difference can be enormous for someone like Stephen A. Smith. But Florida still collects plenty of taxes. For state and local tax collections, the latest comparable data break Florida’s revenue mix down roughly like this: * 39.0% — general sales taxes * 34.8% — property taxes * 4.7% — corporate income taxes * 21.4% — other taxes * 0% — individual income tax And Florida’s state sales tax is 6%, with the average combined state/local rate around 7.02%. So instead of saying: “You earned money? Give us part of it.” Florida relies much more heavily on: “You bought something? Pay us.” “You own property? Pay local property taxes.” “You’re visiting Florida? We can tax some of your spending.” “You’re a corporation earning taxable profits here? There’s a tax for that.” And that tourism piece is important. Florida counties can impose special tourist-development taxes on hotels, vacation rentals and other short-term accommodations, meaning visitors help finance government activities too. Here’s the trade-off people sometimes miss A state income tax is usually tied to ability to pay: make more income, pay more dollars in income taxes. Sales taxes work differently. A billionaire and a working-class person generally face the same sales-tax rate at the cash register. That can make sales taxes more burdensome relative to income for people who spend most of what they earn. A wealthy household can save or invest a large portion of its income; a lower-income household may need to spend nearly everything on day-to-day living

0

6

Truth Teller50

@TTeller50

Last Seen Users on Sotwe

Trends for you

Most Popular Users