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Article: Bush Estate-Tax Phaseout May Cost Florida $1 Billion A Year.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 6, 2001
- Author:
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Feb. 5--TALLAHASSEE, Fla.--Gov. Jeb Bush urged his brother the President to oppose oil and gas drilling off Florida's coast, but don't expect a similar plea about the administration's tax-cut plan -- even though it could cost the state almost $1 billion a year.
Florida's governor generally supports President Bush's proposed $1.6-trillion tax reduction package, which includes a controversial phase out of the federal estate tax, dubbed the "death tax" by critics.
The levy is paid by only 2 percent of Americans, who are considered among the nation's wealthiest. But in Florida, home to many rich retirees, the tax will bring in $820 million this year -- money ...