Florida Senator Rick Scott released an update last week on efforts to combat America’s rising debt and inflation, which continues to strain Floridians recovering from Hurricanes Helene and Milton.
Recent reports from the Bureau of Labor Statistics revealed increases in both the Consumer Price Index (CPI) and Producer Price Index (PPI) in September, further intensifying the financial pressure on American families and small businesses. Since President Biden and Vice President Harris took office, CPI inflation has surged by 20.5%, while PPI inflation has risen by 20.0%.
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In response, Senator Scott has introduced several legislative measures aimed at easing the burden on Floridians. Ahead of the hurricanes’ landfalls, Scott proposed a bill offering tax relief to Americans who purchase flood insurance, either through the National Flood Insurance Program (NFIP) or private insurers.
The bill would create a non-refundable tax deduction for flood insurance premiums to encourage broader coverage. Additionally, Scott introduced the Homeowners Premium Tax Reduction Act, which would allow homeowners to claim a tax deduction of up to $10,000 for premiums paid on primary residence homeowners’ insurance.
“As I travel around Florida to meet with local, state and federal officials, hear from families and help coordinate resources to ensure our state fully recovers from Hurricanes Helene and Milton, one thing that remains a top concern for folks in our state is the horrific inflation caused by the reckless spending policies of the Biden-Harris administration. While I fight to bring fiscal sanity back to Washington and end the reckless government spending that caused the Harris Price Hikes we see today, I’m committed to doing everything I can to bring costs down for families. That’s why I introduced legislation that provides a non-refundable tax break to families who purchase flood insurance coverage, either through the private market or the NFIP, and another bill that provides a $10,000 tax break for property insurance premiums. These commonsense bills will help lower costs for Floridians while we battle to rein in the Biden-Harris administration’s historic inflation. Floridians are strong. We will recover and I will be there every step of the way to make sure Washington works for you,” said Scott.
Senator Scott has long advocated for reforms to the NFIP, pushing for greater transparency and accountability. He has criticized FEMA’s Risk Rating 2.0 for increasing flood insurance rates, making it difficult for working families to afford coverage. Earlier this year, Scott introduced the Flood Insurance Affordability Act, which would allow monthly payment options for flood insurance premiums, easing the financial burden on Floridians.
In addition to these efforts, Scott reintroduced a package of bills, including the Removing Barriers to Private Flood Insurance Act, the Flood Insurance Consumer Choice Act, and the Flood Insurance Transparency Act, all aimed at lowering flood insurance costs and promoting a more competitive private insurance market. These reforms have received support from the Federal Association for Insurance Reform (FAIR).
Senator Scott also encourages Floridians impacted by the recent hurricanes to visit his website for assistance with federal agencies like FEMA and the SBA. Additional resources from the Florida Division of Emergency Management are available at floridadisaster.org.
Since joining the U.S. Senate, Senator Scott has consistently pushed for action on the nation’s debt crisis and the harmful effects of inflation. For more details on his statements and legislative actions, visit his website for a comprehensive list and his Quarterly Economic Snapshot.
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