TaxWatch: Amendment 5 is 'train wreck'
Amendment 5, also known as the tax swap, is a bad idea that could result in a tax increase, according to an analysis released this morning by Florida TaxWatch.
"At best, Amendment 5 is a risky gamble with Florida's future; at worst it's an economic and fiscal train wreck waiting to happen," Dominic Calabro said in a statement.
TaxWatch's analysis states that eliminating school property taxes -- the required local effort -- will wipe out $8.3-billion in revenue. But the group figures $11.1-billion will be needed to hold education harmless in 2011.