Research

Obama’s Tax Plan: Fleecing Florida

Obama’s Idea Of A Jobs Plan For Florida Is To Raise Taxes On The Sunshine State

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THEN: Obama In FL, 11/3/08 : “Because the last thing we should do in this economy is raise taxes on the middle-class.” (Sen. Barack Obama, Remarks At A Campaign Event, Jacksonville, FL, 11/3/08)

  • Today, Obama Will Be In Miami, FL, For A Campaign Event. “When Obama appears at the fundraiser, ‘Estamos Unido/We are One,’ at the J.W. Marriott in Miami on Thursday, he’ll have a little help in terms of star power. He’ll be joined by actress Eva Longoria, his campaign’s national co-chairwoman.” (Amie Parnes and Niall Stanage, “Done With Fundraising, President Obama Hits The Campaign Homestretch.” The Hill, 10/9/12)

NOW: Obama’s Plan To Raise Taxes Would Cost Florida 39,400 Jobs. (Drs. Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact Of Increasing Tax Rates On High-Income Taxpayers In 2013,” Ernst & Young LLP , 7/12)

  • Obama’s Plan To Raise Taxes Would Cost Florida $10.1 Billion In Lost Economic Output. (Drs. Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact Of Increasing Tax Rates On High-Income Taxpayers In 2013,” Ernst & Young LLP , 7/12)

OBAMA PLANS TO RAISE TAXES IN A STATE HIS ECONOMIC POLICIES HAVE ALREADY FAILED

Jobs: Since Obama Took Office, Florida Has Lost 88,000 Jobs And The Unemployment Rate Has Increased From 8.7 To 8.8 Percent. (Bureau of Labor Statistics, Accessed 10/10/12)

  • If Florida’s Participation Rate Had Held Steady Since May Of 2011, The Unemployment Rate Would Have Been 9.5 Percent In May 2012. “If the participation rate had held steady since 12/11 the unemployment rate would have been 9.5% – 69% of the drop in the unemployment rate is due to people dropping out of the labor force.” (“Florida: An Economic Overview,” The Florida Legislature Office Of Economic And Demographic Research , 7/13/12)
  • 69 Percent Of The Drop In The Unemployment Rate In Florida Since December 2011 Is Due To People Dropping Out Of The Labor Force. “If the participation rate had held steady since 12/11 the unemployment rate would have been 9/5% – 69% of the drop in the unemployment rate is due to people dropping out of the labor force.” (“Florida: An Economic Overview,” The Florida Legislature Office Of Economic And Demographic Research , 7/13/12)

Unemployment: Florida Has 817,637 Unemployed Seeking Work. (Bureau of Labor Statistics, Accessed 10/10/12)

  • Florida Has The Worst Rate Of Long-Term Unemployed Workers, With 53 Percent Of Jobless Floridians Out Of Work For At Least Six Months In 2011. “If you lose your job in Florida, chances are you won’t find another one any time soon. The Sunshine State has the highest rate of long-term unemployment in the nation. Some 53% of jobless Floridians were out of work for more than six months in 2011, according to Brookings’ Hamilton Project, which crunched Census data.” (Tami Luhby, “Worst Place To Lose Your Job: Florida,” CNN Money, 1/31/12)

Median Household Income: Under Obama, Median Household Income In Florida Has Declined From $49,916 To $44,299. (U.S. Census Bureau, Accessed 10/10/12)

Food Stamps: Since Obama Took Office, The Number Of People In Florida Receiving Food Stamps Has Increased By 90 Percent. (“Supplemental Nutritional Assistance Program: Number Of Persons Participating ,” Food Research And Action Center, 3/26/09; “Supplemental Nutritional Assistance Program: Number Of Persons Participating,” USDA Food And Nutrition Service , 9/28/12)

  • Since Obama Took Office, Florida Has Experienced The Second Highest Increase Of All Fifty States In Food Stamp Participation. (“Supplemental Nutritional Assistance Program: Number Of Persons Participating ,” Food Research And Action Center, 3/26/09; “Supplemental Nutritional Assistance Program: Number Of Persons Participating,” USDA Food And Nutrition Service , 9/28/12)

Poverty: Under Obama, 802,648 More People In Florida Have Fallen Into Poverty. (“Poverty: 2007 And 2008,” U.S. Census Bureau, 10/11; “Poverty: 2010 And 2011,” U.S. Census Bureau, 9/12)

  • 23 Percent Of Florida Children Are Living In Poverty. “In 2010, 23 percent of Florida children were living in poverty. The parents of 34 percent lacked secure employment, up from 28 percent in 2008. Nearly half of Florida households – 49 percent – saw their housing costs grow to 30 percent or more, up from 42 percent in 2005. The number of teens who were neither in school nor working was 10 percent, the same as in 2008.” (“Report Says Recession Hurts More Florida Children,” Herald-Tribune, 7/25/12)

Gas Prices: Since The Week Obama Took Office, The Average Price Per Gallon Of Gas In Florida Has Increased From $1.862 To $3.688. (“Current State Averages,” Fuel Gauge Report, 1/16/09; “Current State Averages,” Fuel Gauge Report, 10/10/12)

College Tuition: The Average Student Graduating From A Four-Year College Institution In Florida Has $21,184 In Debt. (Project On Student Debt, Accessed 10/10/12)

Home Values: As Of August 2012, Florida Has Had The Second Largest Peak-To-Current Decline In Home Prices In The Nation, Dropping 44.3 Percent. “The five states with the largest peak-to-current declines including distressed transactions are Nevada (-54.7 percent), Florida (-44.3 percent), Arizona (-42.0 percent), California (-37.7 percent) and Michigan (-36.5 percent).” (Press Release, “CoreLogic August Home Price Index Rises 4.6 Percent Year-Over-Year,” CoreLogic, 10/2/12)

Foreclosures: In The Third Quarter Of 2012, Florida Had The Nation’s Highest Foreclosure Rate, As One In Every 117 Housing Units Had A Foreclosure Filing – More Than Twice The National Average. “Florida foreclosure activity in the third quarter increased 14 percent from a year ago, the third consecutive quarter with an annual increase and boosting the state’s foreclosure rate to highest in the nation. One in every 117 Florida housing units had a foreclosure filing in the third quarter, more than twice the national average. Florida’s foreclosure rate also ranked highest in the nation in September, the first time since April 2005 that Florida has held the No. 1 spot.” (Press Release, “Foreclosure Activity Drops To 5-Year Low In September,” RealtyTrac, 10/11/12)

“As Obama Confronts A Housing Crisis That He’s Acknowledged Underestimating, His Campaign Is Facing A Different Kind Of Foreclosure Problem On The Streets Of Florida And Other Battleground States, Where Evictions Have Left Holes In Its Voter Lists.” “As Obama confronts a housing crisis that he’s acknowledged underestimating, his campaign is facing a different kind of foreclosure problem on the streets of Florida and other battleground states, where evictions have left holes in its voter lists.” (Hans Nichols, “Obama Campaign Detectives Hunt For Foreclosed Florida Voters,” Bloomberg, 7/18/12)

  • In Florida, The Obama Campaign Is Knocking On Doors In Hispanic Neighborhoods With Foreclosure Rates As High As 30 Percent, “Where Once-Registered Democrats Have Been Evicted, Their Homes Now Owned By The Bank.” “By day, Lynnette Acosta, a 34-year- old mother of two, is an information-technology manager in Orlando, Florida. By night, she’s a sleuth for President Barack Obama’s re-election campaign, scouring for potential voters. In central Florida, that means knocking on doors in Hispanic neighborhoods with foreclosure rates as high as 30 percent, where once-registered Democrats have been evicted, their homes now owned by the bank. Volunteers walk house-to- house to determine the number of empty homes per precinct, then look for contact information for voters who once lived in them.” (Hans Nichols, “Obama Campaign Detectives Hunt For Foreclosed Florida Voters,” Bloomberg, 7/18/12)
  • “While Obama’s Campaign Works To Find Voters Who Have Been Forced From Their Homes, His Administration Has Struggled To Help Homeowners Who Remain In Theirs.” “While Obama’s campaign works to find voters who have been forced from their homes, his administration has struggled to help homeowners who remain in theirs.” (Hans Nichols, “Obama Campaign Detectives Hunt For Foreclosed Florida Voters,” Bloomberg, 7/18/12)
  • According To Darren Soto, Democrat State Representative, Convincing Hispanics In Central Florida That Obama’s Housing Policies Are Working “Is A Daunting Task.” “‘At least in central Florida, he’s got to be at least 66, 67, 68 percent,’ among non-Cuban Hispanics, said Darren Soto, a Democratic state representative whose district includes parts of Osceola County, where the Puerto Rican population increased 138 percent in the last 10 years, according to U.S. Census data. …Convincing Hispanics in central Florida that his housing prescriptions are working is a ‘daunting task,’ said Soto, who campaigned with Obama in 2008. ‘He’s not quite yet there.’” (Hans Nichols, “Obama Campaign Detectives Hunt For Foreclosed Florida Voters,” Bloomberg, 7/18/12)
  • “On Trotters Circle In Kissimmee, A Block With Boarded-Up Homes At Each End, Obama Needs The Ballots Of Renters Like Loida Montalvo To Replace The Democrats Who Have Lost Their Homes.” “On Trotters Circle in Kissimmee, a block with boarded-up homes at each end, Obama needs the ballots of renters like Loida Montalvo to replace the Democrats who have lost their homes. Ten houses down from her four-bedroom, $1,000-a-month rambler, Bank of America has initiated foreclosure proceedings on a house that was registered to a Democratic primary voter, according to county records.” (Hans Nichols, “Obama Campaign Detectives Hunt For Foreclosed Florida Voters,” Bloomberg, 7/18/12)

Negative Equity: In The Second Quarter Of 2012, Florida Had The Second Highest Percentage Of Negative Equity In The Nation, As 43 Percent Of Mortgaged Properties Are In Negative Equity. “Nevada had the highest percentage of mortgaged properties in negative equity at 59 percent, followed by Florida (43 percent), Arizona (40 percent), Georgia (36 percent) and Michigan (33 percent). These top five states combined account for 34.1 percent of the total amount of negative equity in the U.S.” (Press Release, “CoreLogic Reports Number Of Residential Properties In Negative Equity Decreases Again In Second Quarter Of 2012,” CoreLogic, 9/12/12)