Ever hear of a "tangible tax law"?
Chances are, you haven't. Florida doesn't have an income tax
, so it makes up for it by having something called a tangible tax
. The state of Florida taxes businesses for property they ALREADY OWN that could be used to generate income...on top of a 5.5% corporate tax rate. Many Floridians own their own businesses, a percentage of which are sole proprietorships (like me doing freelance work) and so won't owe state or corporate income taxes, yet will have to pay because of this law. Many of you have experience with property taxes, which are the most common form of Ad Valorem
tax, but if you own a business or do freelance work, I suggest you educate yourself
posted by taumeson
on Mar 2, 2004 -