Bushes claims for fiscal improvements in Florida was due to tax cuts. Those tax cuts were federal in the Estate Tax. It didn't have anything to do with Florida.
October 7, 2015
...Twenty other states (click here) either imposed inheritance taxes separate from the estate tax credit, or “decoupled” from the federal law (meaning they enacted new state estate taxes to make up for lost federal tax credit). Five other states repealed their state estate taxes completely.
Norton Francis, senior research associate at Urban Institute State and Local Finance Initiative who studied how states reacted to the credit phase-out, said “dormant states [like Florida] didn’t impose a new tax on taxpayers, but they can’t really take credit for cutting taxes on taxpayers.”
In the $19.3 billion figure, the campaign included the reductions in state estate tax revenues as a result of the phase-out. Bush supported the phase-out, saying he supports Congress’s efforts to “alleviate the tax burden on all Americans, even when those reductions directly affect our state budget.” His campaign said Bush should get credit for supporting the repeal of the estate tax and refraining from circumventing the cut, like some other states did.
Does Bush know his facts reflect an Estate Tax cut from the federal level? If he does then he is deceiving everyone. I really do believe Bush is an empty suit. He probably doesn't even realize what he is saying, he is just saying it.
October 7, 2015
...Twenty other states (click here) either imposed inheritance taxes separate from the estate tax credit, or “decoupled” from the federal law (meaning they enacted new state estate taxes to make up for lost federal tax credit). Five other states repealed their state estate taxes completely.
Norton Francis, senior research associate at Urban Institute State and Local Finance Initiative who studied how states reacted to the credit phase-out, said “dormant states [like Florida] didn’t impose a new tax on taxpayers, but they can’t really take credit for cutting taxes on taxpayers.”
In the $19.3 billion figure, the campaign included the reductions in state estate tax revenues as a result of the phase-out. Bush supported the phase-out, saying he supports Congress’s efforts to “alleviate the tax burden on all Americans, even when those reductions directly affect our state budget.” His campaign said Bush should get credit for supporting the repeal of the estate tax and refraining from circumventing the cut, like some other states did.
Does Bush know his facts reflect an Estate Tax cut from the federal level? If he does then he is deceiving everyone. I really do believe Bush is an empty suit. He probably doesn't even realize what he is saying, he is just saying it.
