You couldn’t design a tax system
more vulnerable to global warming.
Florida has no income tax. State revenues are reliant on property and sales taxes. As a Tampa tax attorney, Dick Jacobs, points out, “There are no two sources of taxes more vulnerable to sea level rise than property taxes and sales tax. Florida’s economy is driven by tourism. Seventy-five percent of the people in Florida live in coastal communities. Seventy-nine percent of the economy of Florida comes from coastal communities.”
Residents of low- or no-income tax states (Nevada, South Dakota, Tennessee, Wyoming, and particularly the coastal states of Alaska, Florida, New Hampshire, Texas, and Washington) should consider spending money EARLY to create protections against their physical threats from warming. Don’t wait until state and municipal revenues are eroding faster than the coastline.