Gillum Seeking 40 Percent Corporate Tax Hike in Florida

Gillum Seeking 40 Percent Corporate Tax Hike in Florida

The Democratic nominee for Florida governor, Tallahassee Mayor Andrew Gillum, has a plan to raise the state’s corporate tax rate by about 40 percent, a proposal resurfaced by Americans for Tax Reform (ATR).

Gillum first announced his plan to raise the corporate tax rate from 5.5 percent to 7.75 percent in January, but ATR dug it up after his upset victory in the state Democratic primary on Tuesday.

In a post on Medium, Gillum wrote that 90 percent of Florida-based corporations “pay no state corporate income tax,” and the ones that do only pay 5.5 percent, “lower than ruby red bordering conservative states Alabama and Georgia.”

According to Gillum, “by adjusting our state corporate tax level to a modest 7.75 percent, which still allows corporations in Florida a massive tax cut and keeps our rate more than 1 percent lower than California, we will be able to recoup at least $1 billion back from the richest corporations and put it where we need it most — investing in our future.”

Forty-four states in total have a corporate income tax, according to the Tax Foundation, the lowest being North Carolina’s 3 percent and the highest being Iowa’s 12 percent. Six states have a rate of 9 percent or higher, as does the District of Columbia. Seven states have a rate at or below 5 percent.

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Author: HEDGE

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