Jeb Bush is celebrating the signing of a new law that eliminates Florida’s intangibles tax on investments.
About 300,000 of Florida’s wealthiest citizens will benefit. You had to own at least $370,000 in stocks and bonds before the tax applied, $620,000 for couples.
But the governor says the new law isn’t so much about a tax break as it is about righting a wrong.
“This is for the people who do exactly what society asks of them, which is to save money along the way, not to depend on government in their retirement years, but to save money and then what we do is we tax it when they earn it, and then Florida, until yesterday, we taxed it each and every year after that.”
Lawmakers have been phasing the tax out for the past several years. Thursday’s bill signing eliminates it entirely.