Business Services Industry
Florida State Senate President Offers to Tone Down Tax-System Overhaul.
Knight Ridder/Tribune Business News, January, 2002
By John Kennedy, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Jan. 25--TALLAHASSEE, Fla.--Senate President John McKay unveiled the latest version of his plan to overhaul Florida's tax system Thursday, keeping billions of dollars in tax breaks on the books in an apparent bid to ease rising opposition.
After once talking of eliminating some $9 billion in sales-tax exemptions, McKay's newest proposal would cut only about $5.7 billion from Florida's 300-plus list of products and services shielded from tax.
Florida takes in about $17 billion a year in sales tax but exempts transactions worth another $23 billion. That imbalance is setting up Florida for financial ruin, McKay contends.
But under legislation up for a...
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