Florida economists project $5 billion first‑year revenue loss from proposed tax cuts

Florida economists have released a detailed analysis of the state's proposed tax cuts. Their calculations estimate a $5 billion shortfall in local revenue for the first fiscal year. The loss would affect municipal budgets that rely on state funding. Officials warn that essential services such as schools and public safety could face cuts. The study attributes the deficit to reduced income and sales tax collections. Proponents of the cuts argue they will spur economic growth and attract businesses. Critics contend the projected revenue gap outweighs any potential benefits. Lawmakers are expected to scrutinize the findings during upcoming budget hearings.