Florida. John Hall Executive Director Florida Center for Fiscal and Economic Policy September 2009

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1 Florida John Hall Executive Director Florida Center for Fiscal and Economic Policy September 2009

2 Yes, there is a global recession, but it is not the only cause of our trouble.

3 Florida s Economic Issues Population growth has been the fuel that powered our economy. It is now stagnant! First time since 1946, Florida lost population -50,000.

4 Florida s Economic Issues Growth rate in personal income has declined to a rank of 45 th in the U.S. Almost 50% of Florida s jobs pay at or below 150% of the poverty level ($31,800). 13 th highest rate of unemployment in the U.S. (10.7% in July). 180,000 more people living in poverty in 1 year.

5 Florida s Economic Issues Growth rate of Florida s real per capita GDP is 47 th in the U.S. Home foreclosures increased by 400% between FY2005 and FY2007. Income inequality- 15 th largest gap between the richest and the poorest 7 th largest gap between the middle fifth and the richest.

6 Another Source of the Problem Florida s Tax Structure

7 Sources of General Revenue General Revenue = 32% of total appropriation Sales tax = 75% Corporate income tax = 7% Highway safety and licensing fees = 3% Insurance premium tax = 2% Article V fees = 1%

8 Antiquated and Unfair Tax Regressive! Structure Economy based primarily on services, yet sales tax relies on consumption. Lack ability to collect sales tax from remote sales.

9 Antiquated and Unfair Tax Loopholes in CIT. Structure Some businesses exempt from CIT. Exemptions ($12.3 billion) and exclusions ($20.9 billion) in sales and use tax.

10 Questionable Fairness or Economic Value in Some Sales Tax Exemptions & Exclusions Disney World tickets are taxed, but not charter fishing boats. Tax shoe repair, but not laundry & dry cleaning. Tax pet grooming supplies but not pet grooming. Tax automobile rental but not limo service. Tax lawn mowers but not lawn service.

11 Questionable Fairness or Economic Value in Tax Subsidies Annual subsidies of $24.7 million go to professional sports teams and organizations who can easily operate without state funds!

12 Questionable Priorities How does Florida spend its money? 24 states spend a higher proportion on elementary and secondary education. 33 states spend more on higher education. Only two other states spend more on corrections than Florida.

13 State spending is $1,100 below the national average and ranks 44 th.

14 Low spending might or might not be a bad thing. What are the results?

15 Poor Results Rank 45 th in high school graduation rate. Rank 33 rd in percent of people over 25 with a high school diploma. Health system is ranked 45 th. 31 states have lower infant mortality rates. 35 states have lower rates of low birth weight babies.

16 Poor Results- Unmet Needs Over 23,000 seniors on waitlists for home-based services. Over 18,000 people with disabilities wait for community services. Over 17,000 people are on a waitlist for substance abuse services.

17 Poor Results- Unmet Needs About 190,000 adults with severe and persistent mental illness need but do not receive services. Over 200,000 children with emotional disturbances do not receive services only 4 other states have a lower rate of meeting the needs of children.

18 The Budget

19 Trend in State Appropriations FL Budget Appropriations ($ in millions) $80,000.0 $70,000.0 $60,000.0 $50,000.0 $40,000.0 $30,000.0 $20,000.0 $10,000.0 $0.0 Fed Stimulus 2005 $ $ $ $ $0.0 $5, State $ $58,976.0 $65,744.0 $73,756.0 $70,431.0 $65,500.0 $61,236.0 Fiscal Year

20 TOTAL STATE BUDGET, TOTAL: $66.5 BILLION NATURAL RESOURCES/ ENVIRONMENTAL/ GROWTH MANAGEMENT/ TRANSPORTATION $9.3 BILLION 14% GENERAL GOVERNMENT $4.7 BILLION 7% JUDICIAL BRANCH $451 MILLION 1% EDUCATION $21.3 BILLION 32% CRIMINAL JUSTICE/ CORRECTIONS $4.8 BILLION 7% HUMAN SERVICES $26 BILLION 39%

21 GENERAL REVENUE BUDGET, TOTAL: $21.2 BILLION CJ/CORRECTIONS $3.5 BILLION 17% NATURAL RESOURCES/ ENVIRONMENTAL/ GROWTH MANAGEMENT/ TRANSPORTATION $169 MILLION 1% GENERAL GOVERNMENT $768 MILLION 3% JUDICIAL BRANCH $135 MILLION 1% HUMAN SERVICES $5.2 BILLION 24% EDUCATION $ %

22 Suggestions Difficult and wise choices are needed. The future need not be dismal and more of the same! A balanced approach to eliminate inefficiencies and duplications and modernize our tax structure and make it fairer should be our goal.

23 Suggestions Must replace the stimulus funds & address workload growth (e.g. Medicaid). Needs must be met eliminate waitlists! Investments must improve our economy so that it works for everyone, creates higher paying jobs, and creates a revenue structure that supports adequate appropriations.

24 No one wants to pay more taxes but fairness and modernization are lacking.

25 Suggestions 1. Repeal Selected Exemptions - $138.4 m 2. Include Selected Services - $1.1 billion 3. Eliminate Sports Subsidies - $24.7 m 4. Improve Taxation of Remote Sales 5. Combined Reporting - $364.3 m 6. Subchapter S - $889 m 7. LLC s $235.2 m 8. Domestic Production Deduction -$50 m 9. Throwback Rule $37.2 m 10. Intangibles Tax - $250 m

26 Suggestions If we enacted just those ten suggestions- Florida could reduce the rate of taxation! Lower sales tax rate by.5% Lower CIT by 1% Total Revenue Generated= $1.4 billion

27 Can we afford to pay more? Florida ranks 21 st in income per person. Florida ranks 40 th in state and local tax revenue as a percentage of personal income. Florida ranks 40 th in state tax burden and is $600 per person below national average.

28 General Revenue as a Percentage of Personal Income

29 What Kind of State Do You Want Florida to Be? There are Wise Choices!

30 Questions and Discussion Thank you Florida Center for Fiscal and Economic Policy fcfep.org

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