As of 2005, the inheritance tax is no longer active in Florida — this is because the federal government stopped offering a credit for paying the state tax. Subsequently, Florida currently ranks fifth in the country for income inequality. Across the United States, the wealthiest 10 percent of white households own nearly two-thirds of the nation’s wealth. By not adopting new inheritance tax provisions, Florida policymakers do nothing to address wealth and income inequality in the state, which disproportionately benefits white Floridians. Florida policymakers can address the state’s upside-down tax code and wealth inequality by re-adopting inheritance taxes, which could generate anywhere between $540 million to $2.1 billion annually in general revenue. This additional revenue could then be spent on schools, safe and affordable housing, reliable transportation infrastructure, clean water and energy, a robust safety net, or a tax rebate for working families.
2005 – Termination of Inheritance Taxes
Lobbyists in the rotunda seeking to persuade lawmakers - Tallahassee, 1998