TAXING THE RICH….I am outsourcing this post to Andrew Tobias:
As reported here in years past, when Jeb [Bush] first became governor of Florida he faced a challenge. How do you cut taxes for the rich in a state with no income tax? Cutting the sales tax wouldn?t work ? that would help everybody. Cutting the property tax wouldn?t work ? that would help almost everybody.
What to do? What to do? (What would Jesus do?)
Jeb hit on cutting the Intangible Property Tax that most Floridians have never even heard of (because it applies only to folks with considerable portfolios of stocks and bonds). He cut this tax in half.
Specifically, he cut it from a very modest two-tenths of one-percent (applicable to only some assets ? not to retirement accounts, for example) to just one-tenth of one percent. Great for the wealthy; but when was the last time you saw a middle-class tax halved?
….Anyway, that?s ancient history.
You can probably guess what comes next, but to catch yourself up on Jeb’s latest plans, read the rest of the post.