Democratic gubernatorial candidate Andrew Gillum offered a plan Friday to increase education funding by raising the state’s corporate income tax. Calling it the “Fair Share for Florida’s Future” plan, Gillum would increase the corporate-income tax rate from 5.5 percent to 7.75 percent.
He said it would generate more than $1 billion each year for teacher pay raises, school construction, early childhood education programs and vocational training. “Not only do we want a friendly environment for businesses to call home, but we also want to have an environment where they can be guaranteed a workforce that is prepared, that is ready, that is qualified,” Gillum, the Tallahassee mayor, said during a news conference at the Florida Press Center. Gillum said the tax hike would be more than offset by a tax-cut package passed by Congress and signed into law last month by President Donald Trump.
News Service of Florida