Florida Crushes Expected Revenue Raised, $742M Above Projection

Published Jul. 5, 2022, 9:32 a.m. ET | Updated Jul. 5, 2022

Florida Gov. Ron DeSantis speaks to guests at the Nebraska Steak Fry in Nebraska City, Neb. (Right Cheer).
Florida Gov. Ron DeSantis speaks to guests at the Nebraska Steak Fry in Nebraska City, Neb. (Right Cheer).

July 5, 2022 Updated 9:32 A.M. ET

TALLAHASSEE (FLV) – A monthly revenue report from the Office of Economic and Demographic Research for the month of May shows Florida collected $741.8 million above the estimated revenue collection, with 79% coming from sales tax.

The state was projected to raise a total of $3.5 billion during the month of May, but it garnered $4.27 billion, a 21% increase from projections.

The revenue reflects economic activity in Florida from the prior month, April.

The report says that all six sales tax categories exceeded estimates, including consumer nondurables, tourism, automobiles, other durables, building, and business.

Automobiles had the highest increase over estimates, being 31.1% above projections at $148.75 million.

DeSantis: High Taxes a ‘Vicious Cycle’ that ‘Doesn’t Work’

Under Gov. Ron DeSantis, Florida’s budget surplus has continuously broken projections.;

“It’s being done with very low tax rates,” DeSantis said. “And it’s a lesson that you will actually do better from a revenue perspective if you keep taxes low and expand your economic base.”

“What a lot of these high tax states do, they keep taxing people and people leave. And so they are constricting their own economic base and then they’ve got to go to the well again and tax and tax more. And it’s basically a vicious cycle. That doesn’t work,” DeSantis said. 

The Governor said Florida is expected to bring in about $760 million above estimate for the month of April. DeSantis said Florida is set to have more than $20 billion in surplus, calling it the biggest surplus in the state’s history.

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