Notes For Thursday, January 02, 2003

THE BUSH AGENDA: CUT TAXES ON WEALTHY INVESTORS, BUT GUT BRIGHT FUTURES SCHOLARSHIPS AND THE PREPAID COLLEGE-TUITION PLAN. The GOP says the number of students who qualify and the amount awarded Bright Futures scholarships may need to be cut, and that Florida's prepaid college-tuition plan will have to be either overhauled or eliminated. While gutting middle class programs, the GOP insists on tax cuts for people who need them the least: wealthy investors.

As Gary Fineout reports, 2002 was the last time wealthy Florida investors and businesses were required to pay the state's tax on investments. The tax was eliminated effective January 1 2003, and John Ellis Bush opposes delaying or halting its elimination. There could be no clearer statement of the Bush agenda.

Most people have no idea what the intangibles tax is, which is understandable, since only a select few pay it. Florida's intangibles tax on investments has existed since 1931; it is one of just two state taxes that are aimed primarily at the wealthy. The intangibles tax is a tax on investments, but does not apply to retirement investment accounts, U.S. Treasury bonds or bonds from the state of Florida. And, but for its elimination, the intangibles tax this year would only have applied to individuals and businesses with more than $250,000 in investment assets and couples with more than $500,000. All others exempted from paying the tax. Source: "Gov. Bush still backs ending tax"

6:26 AM [Go to current Florida Politics site (no popup ads)]

DEMOCRAT TO CHAIR THE SENATE FINANCE & TAXATION COMMITTEE. There may be some method to the madness of Senate President Jim King appointing Democratic State Sen. Walter "Skip" Campbell chairman of the Senate Finance & Taxation Committee. 5:56 AM [Go to current Florida Politics site (no popup ads)]