Governor Ron DeSantis of Florida just can’t stop winning. He put Disney in its place, has reformed voting laws to make sure fraud doesn’t happen in the sunshine state, and has electorally blown the left out of the water by turning a once-battleground state into a solidly red conservative stronghold.
And now he’s setting him up to just keep winning and make Floridians even better off by signing HB 7071 into law, a bill that will be the biggest tax cut in Florida’s history and save Florida taxpayers about $1.2 billion!
The bill itself, which will now become effective on July 2, 2022, provides relief for Floridians by reducing Florida taxes in a number of areas important to consumers. As Florida already doesn’t have an income tax, the initiative mainly targets sales tax-type taxes.
For example, one way it helps Floridians is by reducing the state and county gas tax (starting in October), something that might provide much-needed relief if the fuel price crisis doesn’t abate by then and will, regardless of the cost of fuel, be welcomed by all those who drive.
Similarly, it contains “Tool Time” sales tax holiday, which will cut taxes on goods required for skilled trades, potentially saving those buying such tools over $12 million.
Once everything is added up, the massive savings expected to be reaped by the bill, over $1 billion, far overshadows the current year’s fiscal relief, about $200 million. That relief will expire on June 30th, slightly before the new bill begins.
DeSantis, highlighting the measure in a recent speech and pinning the necessity of it on the Bidenflation crisis and other regime policies, said:
“Florida’s economy has consistently outpaced the nation, but we are still fighting against inflationary policies imposed on us by the Biden administration.
“In Florida, we are going to support our residents and help them afford the goods that they need. Florida has been fiscally responsible, so we are in a good position to provide meaningful relief for families, right now.”
Similarly, Speaker Chris Sprowls, highlighted how beneficial the package would be to the middle class and also blamed the feds for the inflation crisis, saying that the bill represented “the largest middle-class tax relief package in the history of the state,” and that it was made necessary by “reckless federal spending [that] sent inflation rates spiraling higher than we’ve seen in generations.”
And, unlike federal politicians that cut taxes while spending far, far too much money and driving the US even deeper into debt, DeSantis’ tax cuts have been made possible by the state’s huge level of financial success: it currently has about a $20 billion surplus and has been outpacing revenue estimates for months despite the Covid pandemic.
Thus, though the state’s revenue might be lowered by the tax cuts and tax holidays, the $1 billion impact to the budget will likely be easily absorbed by the state treasury, highlighting DeSantis’ fiscal responsibility.
Soon DeSantis is going to be winning so much that he gets tired of winning!