Gov. Scott Unveils $1 Billion Tax Cut Plan
Gov. Rick Scott is touring the state today to unveil his plan to cut taxes on manufacturers by one billion dollars.
He stopped at Monin Gourmet Flavors, a Clearwater manufacturer, as part of his three-city tour to tout his billion-dollar tax cut plan. There, he reiterated his plan to eliminate the state's corporate tax for manufacturers, which make up only a small percentage of Florida's work force.
"We're going to eliminate their corporate tax, the business tax, in our state," he said. "So they will put that money back into jobs. Back into research, back into marketing, back into buying equipment. What happens is we'll get more jobs. And not only will all of manufacturers here now, manufacturers from around the country will say, wait a minute, we ought to move to Florida, because this is the best place to do business."
That 5 1/2 percent corporate income tax pumps an estimated $144 million a year into the state's budget, which would have to be offset.