Friday, February 11, 2011

Checking the Budget

PolitiFact gives Gov. Scott’s promise of tax cuts for everyone the once-over.

No doubt about it, Scott’s budget proposal includes a variety of tax and fee reductions.

Taken together, Scott’s says the savings for taxpayers is $4.1 billion over two years. But what’s critical in determining a per-household savings is remembering just who will get the tax breaks. And, who won’t.

Two of the three biggest tax cuts — the reduction of the corporate income tax and the changes to the unemployment compensation tax — apply only to corporations. So unless your household is like Rick Scott’s and you own a corporation, you’ll see no direct savings under Scott’s plans. Supporters of the cuts argue that the benefits could trickle down to average Floridians through additional jobs or cheaper prices for goods and services. But there’s no guarantee either will happen.

The difference between “trickle down” and getting pissed on depends on where you stand.