Gillum Proposes Corporate Tax Increase
Tallahassee Mayor Andrew Gillum proposed his tax plan Friday as part of his bid for governor.
Mayor Gillum’s “Fair Share for Florida’s Future” plan would raise Florida’s corporate income tax rate. He says the jump, from 5.5 to 7.75 percent, is modest considering the recent federal tax reform. Gillum says, if elected, he would make sure the extra revenue would go toward public education.
“My plan will keep our state corporate tax low," Gillum says, "but at a level where it will grow our economy from the middle class out by investing in our future in the critical elements that will ensure a strong future for the state of Florida.”
Gillum expects the plan to generate one billion dollars annually. He wants to use that revenue to raise teachers’ salaries, fund early childhood education programs, and invest in vocational training.