Florida Independent Gubernatorial candidate Frank Russo joined Richard Luthmann and me in The Unknown.
Russo described himself in the interview as a “caring conservative” and he recently rolled out a controversial income tax plan for millionaires and billionaires.
Russo told us that he’s running because Florida’s government has become too beholden to corporations and ignored the affordability crisis, particularly in housing, in Florida.
A new income tax plan
Florida famously has no state income tax, however, that will change if Russo wins in November.
He recently proposed a marginal tax on $1 million of earnings and more of 9.9%. This means the first $1 million in income is not taxed, but anything over that is taxed at 9.9%.
He said his plan was different because the money raised- he estimated $15 billion yearly- would go into a trust fund, “to keep it away from the government.”
That trust fund would be used to increase teacher, police, and first responder salaries. He told us that many of Florida’s most important professions don’t make enough to afford to live there. Below is the debate on this plan.
Both Rich and I had numerous concerns with the plan.
“That’s one of the most important features of Florida- that the state has no income tax. How do you tell voters that the million-dollar threshold won’t eventually fall?” Rich asked.
“What I’m trying to do is let the essential services know that if there’s any discrepancy in this boat,” Frank responded. “I will make it up with this Florida Reinvestment Tax Plan.”
He said the people he spoke with who would be affected by this plan favored it as long as it was put into the trust fund.
Rich pointed to the alternative minimum tax- which initially only hit the top 1% but eventually squeezed middle class earners- and asked, “why an income tax at all?”
“We want the people to vote for this property tax amendment.” Russo responded.
The property tax amendment
He was referring to another part of his affordability platform.
Florida Republican Governor Ron DeSantis has championed a constitutional amendment which will be on the ballot in November which would eliminate property taxes for the first $250,000 in property value.
Russo’s plan will double that to $500,000. By doubling it, Russo said it would cover 90% of Florida property owners.
Teacher pay
Another plank of Russo’s affordability plan is a promise to increase teacher pay by 50%. He said that this would be paid for with the millionaire’s income tax.
He noted that Florida’s teacher’s salaries rank 49th in the nation. If his plan was put into effect, he told us, Florida would still only be 25th.
I had a problem with this scheme. All this sounds like adding all sorts of programs and taxing millionaires and billionaires. It’s the sort of tax and spend idea I rejected when then President Barack Obama championed it. I asked Frank about this and the exchange is below.
“Do you think that Florida should create a sanctuary state for the multi-billionaires?” Russo asked rhetorically.
Russo argued that the state has had an influx of residents- many well off- and those folks enjoy the benefits of the state without paying anything into the state.
Abortion
We also talked social issued, including abortion and Florida’s heartbeat law.
The current Florida law bans most abortions after the sixth week of pregnancy, and in many cases, a doctor could be charged criminally if they perform one deemed illegal.
Tara Palmeri interviewed Republican Congresswoman Kat Cammack who said doctors nearly refused to perform her abortion- even though the fetus wasn’t viable- because the laws are so draconian they were convinced they’d be charged criminally if they performed it. Below is that exchange.
