Aug 7, 2008 6:52 pm US/Eastern
Governor Crist Supports New Property Tax Plan
Plan Would Cut Property Tax, Raise Sales Tax By One Cent
TALLAHASSEE (CBS) ―
Florida Governor Charlie Crist has announced he will support a new plan to cut state property taxes in exchange for a higher sales tax.
Amendment 5 on the November ballot could cut property taxes by up to 40 percent. It would get rid of $8 billion in property taxes paid to local schools in two years.
Sales tax across the state would be raised by one cent. Crist also believes that lower property taxes would help companies expand.
The governor discussed the proposal during an appointment at a Tallahassee barbershop. Crist hoped to highlight his work for Florida's economy and how the state of the economy is affecting small business owners.
Critics of the plan include teachers, who are opposed to the cuts from schools, and some business groups, who are opposed to the sales tax increase. Some critics point out the raised sales tax would only produce half the amount necessary, only $4 billion in revenue. The difference may be replaced by spending cuts and economic growth.
Crist announced he's thinking about campaigning for the amendment as he did for January's property tax package. That proposal was approved overwhelmingly. The plan allowed homeowners to transfer tax savings when they move and doubled the homestead exemption.
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