The conservative economics think tank James Madison Institute has issued a detailed economic analysis of the plans proposed by Republican Ron DeSantis and Democrat Andrew Gillum, declaring that DeSantis’ would create hundreds of thousands of jobs, and Gillum’s would cost almost that many.
The institute, grounded in conservative economics championed by Republicans such as Gov. Rick Scott, concludes that Gillum’s proposals for a corporate tax increase, increased minimum wage, and increased teachers salaries “would adversely impact the business climate of the state,” costing 155,000 jobs and $28.2 billion in economic loses per year, the report’s executive summary states.
“Candidate Ron DeSantis agenda — to largely maintain the pro-growth-oriented strategy of Florida through low and stable taxes, would preserve and strengthen the state’s business climate … [and] lead to the creation of 215,000 jobs annually and $26.6 billion in annual economic output,” the summary continues.
DeSantis’ campaign quickly pounced on the report as vindication for the economic message he has been pushing, and as a repudiation of Gillum’s.
“Today’s report from the James Madison Institute, a nonpartisan, well-respected economic think-tank, proves what we’ve been saying all along — Andrew Gillum’s policies would be an economic disaster for every person in our state,” DeSantis stated in a news release from his campaign.
“My policies, on the other hand, would create over 200,000 jobs and add $25 billion in annual economic output,” he continued in the news release. “Floridians deserve a Governor who will work to ensure they get to keep more of their hard-earned money, create more jobs, and build on the economic success of our state, and that’s exactly what I will do as Governor.”
The James Madison Institute partnered with two business economic consulting firms, The Washington Economics Group of Coral Gables, and Arduin, Laffer, and Moore of Tallahassee, to produce the study.
At the heart of the study’s criticism of Gillum’s economic proposals is doubt that his proposed increase in the corporate income tax to 7.75 percent, from 5.5 percent, could raise the $1 billion he proposed to pay for his education plans, let alone pay for his broader spending plans, which the institute pegged at $2.6 billion. The institute predicted businesses leaving Florida to avoid paying the higher tax rate.
“Businesses can, and do, change their behavior based on tax changes, and now more than ever businesses are able to readily take their enterprises elsewhere. Consequently, the proposed corporate income tax rate hike cannot be expected to raise $1 billion in tax revenue,” it reported.
The institute’s estimate is that Gillum would have to raise the tax rate to 11 percent to raise the kind of revenue he seeks.
The study also goes at great length on the fiscally negative ramifications of Medicare for all, a proposal Gillum supports, but which would entirely be a federal proposal, completely out of the hands of Florida’s Governor.
The study does find potential money savings in Gillum’s proposed criminal justice reform platform, though it does not specify how much.
For DeSantis, the study gushes, “Ron DeSantis is committed to putting more money back into the pockets of Floridians because he knows they can spend their money better than government.”
It also states, “As Governor, Ron DeSantis will ensure we never become a high tax state hurtling toward bankruptcy like states that continue to spend on the backs of their citizens.
“Candidate Ron DeSantis’ proposed economic policy agenda is conducive to maintaining and likely increasing the growth trajectory that Florida has experienced over the last two decades. Funding State priorities, such as education, through reductions in the costs of educational administration that would allow the shifting of savings to the classroom is a pro-growth policy that improves human resources development without raising taxes,” the report states.
These guys are two peas in a pod – Gillum is being investigated by the FBI for corruption and DeSantis worships Trump. The media hasn’t EVEN TOUCHED the Reform Party ticket in this election! Darcy Richardson has an experienced running mate, Nancy Argenziano who has experience in the FL legislature. Neither of these are associating with crooks and felons! We deserve better in Florida than Gillum OR DeSantis.
Floridians care about health care. This is the top priority in this state. Desantis has no policy statement. Screw the economy if seniors , disabled and those with pre existing conditions can not receive health care. Conservative GOP do not understand civility but this country needs CANDIDATES who act without bias and acceptable behavior
Ill informed. No one, no one with pre existing conditions is not able to get healthcare and no you don’t get hung up on. Whom is it that acts without civility, it is the leftist nut jobs. Burning the flag, bombings in the 70s, protesting instead of getting a job. Work hard and ye shall receive. Screw the economy, really, I guess you don’t care if you live off government coffer.
I agree with you.
Conservative think tank agrees entirely with conservative politician who is *wink*wink* definitely not a white supremicist.
Thats not really news, now is it?
Taxes kill jobs!
Except when they don’t—such as the 90s — the all-time best US economy *after• Bill Clinton raised taxes.
And because of his policies we had the second worst crash in the economy in our history. You’ve been smokin his cigars and drinking the koolaid.
Monkey talk.
It’s been a smear campaign against the Santos from the get-go they know Gilliam doesn’t know his finger from this ass hoe and that decides that he died on the tape crook just like most of the small City Mayors are all you got to do is look up at Atlanta we can seem Reed and his staff a bunch of money-grubbing people that live a lot lavish lifestyle and don’t know anything about politics and their only defense is to say the word monkey chimpanzee or anything against my route up just to throw the heat off of them so they don’t have to show proof that they don’t know anything. Everybody in the country do this crap was coming after Obama was gone especially as racist as he was you could have had the pope as president and I would have called him a racist.you got super racist Maxine water and I guess now racist Eric Holder spouting off at the mouth silent talk and then of course you got this racist lady in Georgia who’s taller and that the illegals should be able to vote.these people study nothing but beer politics because I know most of us don’t know a damn thing about politics and they’re both of them on their race.they count older constituent ignorant so they don’t know what kind of asshole tricks they’re pulling. You got these morons Transit who the people in the South and then you’ve got the Muslim committee of Camilla Harris and Cory Booker the Farrakhan gang trying to fear stroke everybody else in the country what pathetic morons.They want to hear the messiah’sObama’nites left over black people in the government will leave you on welfare and give you Medicaid and pay everything for you so you can lay up on your ass just hope for us that’s the way it’s been since 1965 and that’s the way it will continue being do you thinkit’s by accident that they black women have 10 children by 10 different fathers and live in the projects are all Section 8 hell that’s what they wanted why should I settle for one man when they can have 10 for 10 different children and collect benefits for each one of them that’s the African woman’s dream.Enough of this bullshit political stuff if you think every time somebody says monkey or gorilla but they’re talking about you apparently you must feel that you’re a monkey( April Ryan)or gorilla get a life.By the way talk to your CNN boy Don (The race baiter) lemon about as he calls them ignorant uneducated Negroes or house Negroes and laughing his ass off about it I’m sure that makes you feel really proud of him especially with him and Cooper Anderson both think we’re there probably laying up in a silk sheet Bed drinking wine making love and laughing and making fun of crazy crackers and Negroes.
What a RACIST DIE HARD INDIVIDUAL, I am White and you are so out of line, or you human, this is what the world doesn’t want or need parasite like you, leave this earth
What God made of this world is goodness and love and you are trying to tear it up, GOD IS WATCHING ALL OF YOU THAT FEELS THIS WAY ABOUT HUMANITY, and believe me your day is at judgement time. And this source of opinionated individuals should not allow such garbage to be published. God bless all of you hateful individuals.
I have 10 kids with your mother.
I have 10 kids with your mom.
Environmental economics is never pay off the picture!! What has happened to our water and sea life is monetarily priceless!! No track on all the money it cost every breach and river business that lost money!! Keep your extra jobs, I would like clean water!!