Duval Times

Senator Rick Scott has issued his weekly update, focusing on the rising inflation and debt crisis in the United States. The update comes as Floridians continue to recover from Hurricanes Helene and Milton. Recent reports from the Bureau of Labor Statistics indicate an increase in key inflation indicators, with the Consumer Price Index (CPI) up by 20.5% and the Producer Price Index (PPI) rising by 20.0% since President Joe Biden and Vice President Kamala Harris assumed office.

In response to these economic challenges, Senator Scott has introduced legislation aimed at providing tax relief for those purchasing flood insurance through either the National Flood Insurance Program (NFIP) or private insurers. The proposed legislation includes a non-refundable tax deduction for flood insurance premiums. Additionally, he has put forward the Homeowners Premium Tax Reduction Act, which offers a tax deduction of up to $10,000 annually for homeowners' insurance premiums at their primary residence.

Senator Scott stated, “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."

He emphasized his commitment to reducing costs for families through legislative measures: "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."

Senator Scott has long advocated for reforming NFIP. In 2023, he wrote a letter demanding transparency regarding FEMA’s Risk Rating 2.0 due to its impact on flood insurance rates in Florida. He also introduced several bills aimed at reforming NFIP and enhancing private market participation.

Floridians are encouraged by Senator Scott's office to seek assistance via his website or through state emergency management resources following recent hurricanes.

Since joining the U.S. Senate, Senator Scott has consistently called for measures addressing national debt and inflation concerns.