Florida Imposes Lower Taxes on Residents

There are numerous reasons to love calling Florida home. From the beautiful sunny weather, the many fun and exciting activities, diverse population, and lack of state income tax; it’s easy to see why Florida is a great place to live. Studies show that Florida imposes much lower taxes than most of the nation, allowing its residents to relax and enjoy life.

Florida ranks among the lowest in the nations average tax bills collected. 

According to a recent study done by Florida TaxWatch, out of the 50 states, Florida ranks 40th in the national tax bills collected per state resident. Collecting around $5,700 per state resident in fiscal 2016, the state is well below national average of $7,188. Not only ranking low in tax bills collected but also, in property tax collections earning Florida the 24th position, nationally.

The majority of taxes collected in Florida are not from individuals but, from businesses.

The state of Florida makes more than half of its profits by collecting a corporate income taxes from businesses. This tax is imposed on all corporations for the privilege of conducting business, deriving income, and existing within Florida.

Low taxes mean more businesses and work opportunities.  

Businesses and workers are recruited from other states because Florida is a low tax state. Comparing Florida to high tax states like, New York and California, workers get to keep more of their hard-earned income. More money in business owners’ pockets, and more money in residents pockets, creates a win-win situation for all!