'The state of Florida—with all these insurance subsidies—is essentially doing everything within its power to keep people buying property in the state's most climate change-threatened coastal areas.'
than commercial property-insurance policies, and this taxpayer-subsidized insurer now covers more Floridian property-owners than any private insurer.
What happens when Citizens Property Insurance can't cover one of its climate-disaster liabilities? The agency has the authority, Thenotes, to"levy a surcharge on almost all other property- and casualty-insurance policyholders in the state." The state of Florida—with all these insurance subsidies—is essentially doing everything within its power to keep people buying property in the state's most climate change-threatened coastal areas. Why does the state want as many people as possible living in harm's way? The state needs property owners. Taxes onHigh-income people in Florida—the state's rich—like things that way.the Washington, D.C.
State income taxes, ITEP calculates, rate as by far the most progressive of these three tax categories. On average, low-income families in the United States pay just 0.04% of their incomes in state income tax. Top 1% families pay 4.6%, an income share over 100 times greater. Those numbers reverse when we look at state and local property taxes, with low-income families paying an average 4.2% of their incomes in taxes on property and top 1-percenters paying just 1.7%. And low-income renters, ITEP reminds us,"do not escape property taxes" since their landlords pass on the tax"in the form of higher rent."just 2.3 of their incomes instate and local taxes.
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