Frank Russo Proposes 9.9% Millionaire Tax to Invest in Florida's Future

Independent Governor Candidate's "Caring Capitalism" Plan Would Apply Only to Taxable Personal Income Above $1 Million, With Revenue Protected for Florida Families

NEW SMYRNA BEACH, Fla., Aug. 20, 2026 /PRNewswire/ -- Independent candidate for Governor Frank J. Russo proposed a 9.9% marginal Florida personal-income tax on taxable personal income above $1 million, with every dollar legally protected for investments aimed at making Florida more affordable and strengthening the state's future.

Russo's Florida Future Reinvestment proposal starts with a simple principle: Florida should remain a place where people can build companies, create jobs, invest, prosper and become extraordinarily successful. But a state built by working families cannot operate under one standard for ordinary Floridians and another for extraordinary wealth.

Under Russo's proposal, the first $1 million in taxable personal income would not be taxed. For example, an individual with $1.2 million in taxable personal income would pay the proposed Florida tax only on the $200,000 above the $1 million threshold.

"I am a capitalist. I am also a caring capitalist," Russo said. "I want people to come to Florida, build businesses, create wealth and succeed beyond their dreams. But Humanity Over the Dollar means extraordinary success carries a responsibility to help keep the state that helped make that success possible affordable for the people who teach our children, care for our families, build our homes and keep Florida running."

Not a General-Fund Blank Check

Revenue generated by the proposal would not flow into an unrestricted pool for politicians to spend. It would be placed in a legally restricted Florida Future Reinvestment Trust, with defined eligible uses, anti-diversion protections, public reporting, independent audits and a public accounting of collections, allocations and results.

The governing law would prohibit silent sweeps into unrelated spending and prevent the trust from becoming a pipeline for politically connected corporations, favored consultants or nonprofit pass-through arrangements.

The goal, Russo said, is direct, measurable reinvestment in Floridians – not the creation of another good-old-boy network.'

"This is not about giving Tallahassee another blank check," Russo said. "If Floridians are asked to contribute more, they deserve to know where that money goes, who benefits and what results it produces."

Where the Reinvestment Goes

Revenue would be dedicated to priorities directly affecting Florida families and the state's economic future, including:

• Housing affordability and first-time homebuyers – Helping working Floridians build stability and remain in the communities where they live and work.
• Teachers and the education workforce – Strengthening the people responsible for Florida's classrooms and future workforce.
• Nurses and essential healthcare workers – Supporting the workforce Florida families depend on.
• Trades, apprenticeships and career training – Expanding pathways to skilled, well-paid work without requiring a traditional four-year degree.
• AI and workforce transition – Providing retraining and education for Floridians whose jobs are being transformed by automation and artificial intelligence.

Safeguards Before a Dollar Is Collected

Russo's proposal would include significant guardrails before implementation:

• Voter approval and constitutional compliance – Implementation would require the necessary constitutional authorization and approval from Florida voters.
• Small-business firewall – Detailed legislation would protect legitimate pass-through business operations, investment and job creation from unintended burdens.
• Independent audits and public dashboard – Floridians would be able to see what was collected, where it went and what measurable results it produced.
• Anti-diversion rules – Money could not be quietly redirected to unrelated government spending.
• Government discipline – The proposal would not replace the obligation to eliminate waste, corruption, sweetheart contracts and unnecessary spending. Government must clean up its own house too.

"Working families already pay the price when housing, insurance and everyday costs rise faster than their paychecks," Russo said. "Telling them to simply wait for prosperity to trickle down is not an affordability plan. My proposal is shared responsibility with guardrails – 9.9% only on taxable personal income above $1 million, protected by law, independently audited and reinvested in Florida."

One Standard, Not Two

Russo said Florida should not govern through threats - whether the threat is that a wealthy resident will leave, a corporation will take its investment elsewhere or a political donor will withhold support. Public policy should be based on what strengthens Florida over the long term.

"Florida's sunshine, opportunity and quality of life are valuable. Success is welcome here. Wealth is welcome here," Russo said. "But Florida should not become a sanctuary where extraordinary wealth enjoys everything this state offers while working families carry an ever-growing share of the burden. One standard, not two. Humanity Over the Dollar."

The proposal would require detailed legislation and legal review before implementation, including constitutional authorization, voter approval, definitions of taxable income and residency, enforcement rules and protections against unintended effects on legitimate business activity.

About Frank J. Russo

Frank J. Russo is a lifelong Floridian, entrepreneur, insurance executive, real estate developer, and humanitarian with more than 40 years of business leadership, including over 30 years in the insurance industry. Based in New Smyrna Beach, Russo is running for Governor to restore affordability, strengthen Florida's economy, and build a government focused on practical solutions that put Floridians first. For more information, or to volunteer or donate, visit Russo2026.com.

Media Contact
Mary Elkordy
[email protected]

SOURCE Frank J. Russo for Governor