Russo, a New Smyrna Beach entrepreneur, argues that the current economic climate demands a departure from trickle-down policies, which he claims have left essential workers struggling to keep pace with inflation. Under the proposal, the first $1 million of an individual's taxable income would remain exempt, ensuring the levy targets only extreme wealth. To prevent the funds from being absorbed by general state spending, Russo advocates for the creation of a legally restricted Florida Future Reinvestment Trust, subject to independent audits and public reporting.
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Frank Russo Proposes 9.9% Tax on Millionaire Income to Fund Florida
Independent gubernatorial candidate Frank J. Russo has proposed a 9.9% marginal tax on personal income exceeding $1 million, framing the policy as a mechanism to reinvest in the state’s affordability. The plan aims to shift the fiscal burden while shielding working families from the rising costs of housing and education.
Revenue from the tax would be earmarked for specific initiatives, including housing subsidies for first-time buyers, support for teachers, nursing staff, and vocational training programs. The candidate emphasizes that his "caring capitalism" platform requires significant structural guardrails before implementation, including constitutional authorization and a statewide voter referendum. Russo maintains that his objective is to ensure that extraordinary success carries a proportional responsibility, preventing the state from becoming a sanctuary where the wealthy enjoy benefits while the working class carries the primary economic weight.
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