Gov. Rick Scott Seeks to Phase Out Corporate Income Tax

Gov. Rick Scott announced his plan Thursday to reduce -- and ultimately eliminate -- the state's business income tax, with a reduction from 5.5 percent to 3 percent to be included in his first budget proposal. The tax would be completely gone by 2018. He also will produce $1 billion in property tax cuts.

Scott also knocked President Barack Obama for moving ahead with implementation of the health care law and the extra taxes he says are associated with it, even though a U.S. district court judge ruled it unconstitutional earlier this week. It was the second decision to strike down at least a part of the law, and two other federal courts have upheld it. Most believe the viability of the law ultimately rests in the hands of the nine Supreme Court justices.

"Here in Florida, we are doing what it takes to reduce costly taxes, and today I call on President Obama and the federal government to do the same by immediately repealing the tax increases that were passed to pay for Obamacare, said Scott.

Scott will reveal his full budget proposal Monday.

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