PRESS RELEASE May 7, 2001

Taxing Days of 2001 at an End
Florida TaxWatch Declares May 8th "Taxpayer Independence Day"

TALLAHASSEE -- Floridians are throwing off the yoke of government a couple of days earlier this year, Florida TaxWatch announced today.

On May 8th, the average taxpayer will have logged enough hours to pay federal, state and local taxes.

This year's Taxpayer Independence Day comes two days earlier than it did in 2000 because Floridian's will see their personal income grow faster than the taxes they paid.

"Low tax growth combined with low inflation adds up to good news for Florida taxpayers," said Florida TaxWatch President Dominic M. Calabro. "The bottom line is, taxpayers can expect their paychecks to go a little farther than last year."

TaxWatch analysts predict that, even after the combined effects of inflation and taxes, the average Florida household will have approximately $1,237 more to spend in 2001 than in 2000. The growth in total taxes paid by Floridians in 2001 is expected to be the smallest in at least 25 years. Until last year, despite governments largely avoiding tax increases, taxes for Floridians were still growing faster than their income.

Taxpayer Independence Day is a symbolic date that assumes that every dollar earned since January 1 goes to pay federal, state and local taxes. In an average eight-hour day, Floridians will work 2 hours and 47 minutes in 2001 to pay their taxes, down a full three minutes from 2000. That means in an average 9:00 to 5:00 workday, Floridians start working for themselves at 11:47 a.m.

"Taxes still eat up the biggest chunk by far of the average worker's paycheck," Calabro said. "Most Floridians can cover their housing and utility costs by working just one hour and 19 minutes."

Among the study's findings:

"Lower tax burdens should help Floridians take more responsibility for the health, safety, education and economic well-being of themselves and their families," Calabro said. "Taxpayers must be more than simply people who pay taxes. Taxpayers must be good citizens and good stewards of their families, neighbors and communities."