Floridians for a Fair economy believes in having solutions for the problems we face, not just critiques. That’s why we are supporting three pieces of legislation accomplishes our goal of making government more effective and ending an unfair tax system. Together they are called the Fair Economy Act, and we plan to aggressively promote them.
Here is a rundown of our legislation:
The Fair Economy Act (HB 1335, SB1590, and SB1592) filed by Rep. Evan Jenne, Sen. Nan Rich, and Sen. Oscar Branyon
HB 1335 and its Senate counterparts SB1590 and SB1592 would require combined reporting for corporations, institute a “throwback” rule to capture taxable sales made by multi-state corporations and require full disclosure and accounting of taxpayer giveaways and promised job creation benefits involved in “economic development” subsidies. This will end the paperwork tricks played by wealthy corporations to avoid paying their fair share of taxes in Florida, hurting honest small business owners and would result in $453 million in new revenue for the state.
The legislation would also stop the same corporations from wiring money back and forth to other states to avoid paying the same taxes our small business owners pay everyday. This would bring in another $46 million for the state.
The legislation would also make government more transparent and accountable to the people. One provision will be to make sure any taxpayer money secured by companies promising jobs actually goes towards creating jobs, not more profits for CEOs. It will also finally put an end to many of the corporate tax loopholes benefiting only wealthy corporations and hurting hard-working middle class families.