Report: Average tax cut coming to Floridians nearly $5,000

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(The Center Square) – Nearly $5,000 in tax cut savings is projected on average for Floridians, a report from The Tax Foundation says.

Long range, more than 68,000 jobs are forecast to be added in the state as well, says the international nonprofit research organization publishing studies on American tax policies. The report was done in response to the July 4 signing of House Resolution 1, known also as the One Big Beautiful Bill Act.

County by county, the figures vary.

For the state, the average decreases slightly from $4,998 in 2026 to $4,271 in 2027, $4,032 in 2028, and $3,405 in 2029.

Only Wyoming ($5,374), Washington ($5,373) and Massachusetts ($5,138) have larger amounts in 2026. The average nationally is $3,752, said The Tax Foundation report.

The new law is said to be the most significant changes to federal tax policy since the 2017 Tax Cuts and Jobs Act. The law championed by second-term Republican President Donald Trump makes permanent individual tax changes from 2017. It also has deductions for tipped and overtime income, expanded child tax credit and standard deductions, and makes permanent 100% bonus depreciation and domestic research and development expensing.

The largest amount in a county for Florida is Collier County’s $14,315. Gadsden County, at $1,714, is the smallest.