vision2020
Re: Bush Tax Cut Moratorium in Florida
T-
As the Idaho legislative session prepares for kickoff, I am very pleased to
read what I hope will be a continuing series of reports to V2020. Thanks for
keeping us informed--and asking for our input.
BL
Tom Trail wrote:
> >Visionaries: I think that it most interesting at a time everyone says
> >that we can't delay the tax
> cuts that we passed last session to take a look at what Gov. Jeb Bush and
> the Florida Legislature
> did to protect education Gov. Bush and Florida Legislators chose to bite
> the bullet and delay
> the tax cuts until the economy approves in order to protect education.
> The bill received widespread
> bipartisan support and solid Republican support.
>
> I intend to support a similar delay of the tax cuts in the upcoming
> legislative session and will
> share this article with all legislators. Sometimes elected officials do
> show common sense and
> a bit of courage.
>
> I can be reached in Boise via e mail--ttrail@moscow.com or
> ttrail@house.state.id.us
> Fax--208-334-5397
> My desk phone is 208-332-1202
> Mailing address: Rep. Tom Trail, Idaho State Legislature, State Capitol
> Building, P.O. Box 83720, Boise, ID. 83720-0038
>
> Rep. Tom Trail
>
> >here's the web page:
> >http://www.jacksonville.com/tu-online/stories/120601/met_8017332.html
> >
> >the text is below:
> >
> >House votes to delay tax cut
> >Lawmakers work on budget shortfall
> >
> >
> >
> >By Jim Saunders
> >Times-Union staff writer
> >
> >TALLAHASSEE -- House Republicans celebrated last spring when they pushed
> >through a tax cut for thousands of Florida investors.
> >
> >But yesterday, with the state slashing money from education and health
> >programs because of a stumbling economy, dozens of those same Republicans
> >had to backtrack.
> >
> >The House voted overwhelmingly to postpone an upcoming $128 million cut in
> >the intangibles tax on investments, clearing the way for lawmakers to
> >finish closing a $1.3 billion budget shortfall today. Republicans said
> >they agreed to put off the tax cut for 18 months because of financial woes
> >that worsened after the Sept. 11 terrorist attacks.
> >
> >"Nine-11 made a difference in Florida, and to ignore that is absolutely
> >missing the point," said House Majority Leader Jerry Maygarden,
> >R-Pensacola.
> >
> >Delaying the scheduled Jan. 1 cut in the intangibles tax was a key part of
> >a budget deal that House and Senate leaders reached during the weekend.
> >That deal calls for closing the shortfall by cutting about $1 million from
> >state programs, collecting the $128 million in intangibles taxes and
> >dipping into the state's reserves.
> >
> >Hitting home
> >All House members from Northeast Florida voted to support delaying a $128
> >million cut in the intangibles tax on investments. The area's senators
> >also supported the measure Monday.
> >
> >
> >The shortfall is in the $20.3 billion general revenue fund, which pays for
> >many of the day-to-day operations of government. That has forced lawmakers
> >to make heavy cuts in school spending, which makes up more than half of
> >the budget.
> >
> >Both chambers are slated today to approve the budget cuts, ending a
> >special session that started last week. Senators on Monday agreed to
> >postpone the intangibles tax cut, which now will go to Gov. Jeb Bush for
> >his expected signature.
> >
> >Bush and the Republican-controlled Legislature have spent the past three
> >years cutting the intangibles tax and have made it a bedrock issue for the
> >party. The tax is collected on investments such as stocks and bonds, which
> >Republicans argue is an unreasonable tax on savings.
> >
> >But Democrats have long argued that cutting the tax helps only the state's
> >wealthiest residents. Some Democrats have called for even more
> >far-reaching steps to solve the state's budget problems, such as rolling
> >back intangibles-tax cuts that were made in 1999 and 2000.
> >
> >"All we are doing this week is putting our finger in the dike, and I say,
> >'Watch out for the flood,''' said House Minority Leader Lois Frankel,
> >D-West Palm Beach.
> >
> >To pay the intangibles tax, individuals must have at least $80,000 in
> >assets such as stocks, bonds and notes. Currently, individuals receive a
> >tax exemption on the first $20,000 of assets. An individual with $80,000
> >in assets would pay $60 a year in taxes.
> >
> >Under the law that passed in the spring, the exemption would have
> >increased from $20,000 to $250,000 on Jan. 1, allowing thousands of
> >investors to avoid paying any intangibles taxes. Similarly, married
> >couples would have seen their exemptions go from $40,000 to $500,000.
> >
> >The House voted 102-17 yesterday to postpone the tax cut, with the
> >dissenters including Speaker Tom Feeney, R-Oviedo, and Speaker-designate
> >Johnnie Byrd, R-Plant City. All 10 House members from Northeast Florida
> >voted for the postponement.
> >
> >Feeney has long argued that moving forward with the tax cut would help
> >stimulate the state's economy. But with Bush's lobbying, most Republican
> >lawmakers decided to go along with postponing the tax to prevent further
> >cuts in education spending or further raids on the state's reserves.
> >
> >Staff writer Jim Saunders can be reached at (850) 224-7515 or via e-mail
> >at ftutal@flpress.com.
> >
> >
> >
> >
> >Original Message:
> >-----------------
> >From: Tom Trail ttrail@moscow.com
> >Date: Sat, 5 Jan 2002 16:24:26 -0700
> >To: trail@infotrail.com
> >Subject: Bush Tax Cut Moratorium in Florida
> >
> >
> >Steve--I remember faintly something about the budget crunch in Florida and
> >that Jed Bush
> >who had advocated a tax cut program and it was passed came back once the
> >big deficit was
> >known and put a moratorium on his tax cut program.
> >
> >Can you get me any details on this. Thanks.
> >
> >Dad
> >
> >Dr. Tom Trail
> >International Trails
> >1375 Mt. View Rd.
> >Moscow, Id. 83843
> >Tel: (208) 882-6077
> >Fax: (208) 882-0896
> >e mail ttrail@moscow.com
> >
> >
> >--------------------------------------------------------------------
> >mail2web - Check your email from the web at
> >http://mail2web.com/ .
> >
>
> Dr. Tom Trail
> International Trails
> 1375 Mt. View Rd.
> Moscow, Id. 83843
> Tel: (208) 882-6077
> Fax: (208) 882-0896
> e mail ttrail@moscow.com
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