As Americans continue to flee high-tax blue states for lower-tax destinations, Florida lawmakers have just passed what supporters describe as a major win for economic freedom.

Moving to provide long-term property tax relief for residents, the Florida Legislature has cleared a historic, DeSantis-backed constitutional amendment for the November 2026 general election ballot that could eliminate non-school property taxes for many homeowners through a proposed $250,000 homestead exemption.

“I think it will be particularly appealing to people leaving the Northeast and other high-tax states who are evaluating where to establish permanent residency. The state already wins on weather and lifestyle. Tax policy simply becomes another advantage in an increasingly competitive relocation landscape,” Douglas Elliman’s Nick Malinosky told Fox News Digital.

“This proposal could strengthen that appeal, particularly among households planning a permanent move rather than purchasing a second home. I think it could encourage more families, retirees and remote workers to establish Florida residency,” Elliman colleague Lourdes Alatriste added.

FLORIDA A.G. SAYS OPENAI ‘EXPOSED’ TO BILLIONS IN POTENTIAL DAMAGES, CITES EVIDENCE UNCOVERED IN INVESTIGATION

“The biggest beneficiaries may be families and retirees looking to establish permanent residency and maximize long-term savings,” The Corcoran Group’s Mick Duchon agreed.

If Florida voters approve House Joint Resolution (HJR) 1-F in November, the amount of your home’s value that is exempt from certain property taxes would increase over the next two years. On Jan. 1, 2027, the homestead exemption would increase from the existing $50,000 to $150,000. One year later, in 2028, the homestead exemption would rise to $250,000. For some homeowners, that could reduce non-school local property taxes to zero.

A Florida Senate press release states that this sets up the framework “for full [tax] exemption over time.”

Residents who establish primary Florida residency on or before Dec. 31, 2026, would be eligible for the expanded exemption when it takes effect. However, those who move to the state after that deadline would have to wait four years before qualifying for the full $250,000 exemption.

“By increasing the homestead exemption, the proposal could help reduce the tax burden on primary residences and provide homeowners with greater financial flexibility year after year,” Alatriste said.

“What I’m hearing from clients is less about speculation and more about affordability. Buyers see it as a potential way to reduce their long-term cost of ownership, while existing homeowners view it as meaningful relief in a market where insurance, maintenance and other housing expenses have continued to climb,” Douglas Elliman’s Senada Adzem said.

“Whether someone owns a $500,000 home or a $20 million home,” Malinosky added, “everyone has felt the impact of rising ownership costs over the past several years. Clients are encouraged that lawmakers are looking at ways to provide tax relief.”

The amendment’s language would reduce the annual assessment increase cap on non-homestead properties, including many commercial properties, from 10% to 5% per year.

This tax break would not apply to school board taxes, and local governments would be required to prioritize remaining property tax revenue for services such as police, fire rescue, EMS, infrastructure, flood-control projects and government employee pensions.

“The strongest argument in favor is that it offers relief to Florida homeowners at a time when affordability remains a major concern,” Alatriste said. “The biggest challenge will be answering questions about how local governments and school districts would offset the reduction in tax revenue.”

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“Voters will likely support the concept of tax relief, but they’ll also want transparency regarding schools, public safety, infrastructure and municipal budgets. If lawmakers can clearly address those concerns, the proposal has a strong chance of gaining broad support,” Duchon noted.

“The strongest selling point is affordability,” Malinosky said. “I think voters are generally supportive of tax relief, but they will want clear answers before approving a constitutional amendment of this magnitude.”

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New Delhi: India’s economic growth is projected to slow to 6.3% in fiscal 2027 from 7.6% last financial year, reflecting the impact of higher energy prices due to the Middle East conflict, according to the Organisation for Economic Co-operation and Development (OECD).

Higher energy costs, gas rationing, weaker global demand and increased production expenses are likely to weigh on investment and exports, it said on Wednesday.

Despite the anticipated slowdown, India is expected to remain among the world’s fastest-growing major economies.

Gross domestic product growth is expected to edge slightly up to 6.4% in FY28, according to the Paris-based institution. India imports more than 85% of its crude oil requirements, with about half passing through the Strait of Hormuz, which has remained largely blocked since the start of the Iran war on February 28.

“Rising inflation is expected to weigh on private consumption, while investment slows amid higher oil and gas prices and gas rationing,” said the OECD.

Private consumption growth is expected to moderate to 6.8% in FY27 from 8.2% in FY26, it noted. Growth in gross fixed capital formation, an indicator of investment, is also projected to ease to 6% from 7.1%.
Inflation is forecast to accelerate to 4.8% in FY27, driven by higher food and energy prices as well as currency depreciation. It is expected to ease to 4% in FY28 as commodity prices stabilise and monetary policy tightens.
The OECD anticipates a small rate hike in mid-2026, likely to be reversed in early 2027, leaving interest rates close to neutral levels. The Reserve Bank of India’s monetary policy committee entered its June 3-5 meeting with the repo rate at 5.25% and a neutral policy stance.

India’s current account deficit is expected to widen to 2.1% of GDP in FY27, reflecting higher energy import costs and weaker external demand.

Globally, the OECD expects GDP growth to slow to 2.8% in 2026 from 3.4% in 2025. In a scenario of prolonged disruption from the Middle East conflict, growth could weaken to 2.1% this year. “The global economy entered 2026 with robust momentum, but the outlook has weakened significantly since the start of the conflict in the Middle East, with effects likely to be felt for some time. The longer the disruptions last, the larger the economic and social costs become,” OECD secretary-general Mathias Cormann said.

A new report from the Federal Reserve finds that inflation is pushing prices higher at a strong pace in most of its regional districts around the country, driven by the surge in energy prices.

The Fed on Wednesday released its latest edition of the Beige Book, which summarizes economic conditions in each of the Fed’s 12 regional districts and is published eight times a year.

“Prices increased at a moderate to strong pace overall, with most Districts reporting higher inflation from the previous report,” the Fed’s national summary explained.

“Districts noted that energy-related costs tied to the conflict in the Middle East were the primary driver of inflationary pressures, with spillovers into shipping, packaging, groceries, and fertilizer,” it added, with the Cleveland Fed noting increased fuel surcharges.

HIGH ENERGY PRICES RISK KEEPING INFLATION ABOVE 2% TARGET, CONCERNING FED POLICYMAKERS

Input costs that are unrelated to labor were rising at a faster pace than selling prices, which contributed to “broader concerns about margin compression” among businesses.

“The ability to pass on higher costs remained mixed across sectors, particularly among consumer-facing firms. Consumer uncertainty and concerns about fuel prices impacting households were noted by several Districts,” the report said.

Despite the disruption of the energy market driving inflation and price increases for consumers, the report noted that producers remain leery of expanding output due to uncertainty.

KEVIN HASSETT SAYS INFLATION WILL DROP SHARPLY ONCE STRAIT OF HORMUZ REOPENS

“Energy activity increased in two of the markets, but Districts reported that the outlook remains highly uncertain leading producers to hold off on materially expanding activity,” the Beige Book explained.

Higher costs for fuel and fertilizer also contributed to agricultural conditions remaining flat or declining in most of the districts, as farms face cost pressures for key inputs and transportation.

Economic uncertainty is also weighing on expectations for growth around the country, as the report explained that “business outlooks for the next six months reported to have little change in anticipated growth, as elevated uncertainty and signs of weakening consumer spending weighed on sentiment.”

FED’S FAVORED INFLATION GAUGE REMAINED ELEVATED IN APRIL

Inflation has jumped this year amid the Iran war’s impact on energy flows from the Middle East, after it remained elevated and trended higher in 2025 as higher tariffs pushed prices higher.

The most recent data from the Bureau of Labor Statistics shows that the consumer price index (CPI) – a key inflation metric – was up 3.8% from a year ago in April. That figure is well above the Fed’s long-term goal of 2% inflation and represents a notable increase from the 3.3% annual CPI reading in March, which itself was significantly higher than the 2.4% year-over-year inflation recorded in February.

The persistent inflation has dimmed the market’s outlook for interest rate cuts this year, with the CME FedWatch tool showing a higher probability for rate hikes before the end of this year than cuts. 

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As of Wednesday afternoon, the tool shows a 40.9% chance that the Fed’s benchmark rate remains at its current range of 3.5% to 3.75% through the central bank’s December, with a 41.7% chance of a 25 basis point rate hike by that time.

Big change is coming to the Middle East, and California, too, because people are fed up. Today’s a potpourri. President Trump told the great New York Post columnist Miranda Devine that he really does work well with Prime Minister Benjamin Netanyahu. He’s optimistic about a deal. He’d like to meet Iran’s new supreme leader, Mojtaba Khamanei. The naval blockade is going to continue. Mr. Trump thinks Iran has committed to ending their nuclear program, but he’s in no rush to make a deal.

By the way, Mr. Trump told Ms. Devine that the Maine Democrat Graham Platner is a major sleazebag, but Texas Democrat James Talarico is worse. The president also signaled he is optimistic on stocks and the economy. And he’s completely right. More big numbers coming out on new orders, production, manufacturing jobs, and business.

Secretary Scott Bessent told Congress that Iranian inflation may be more than 200 percent, the currency has collapsed, 50 percent of the army is not getting paid, and police are not reporting to the police stations. The best wartime Treasury secretary since World War II. Starving the beast.

And the big question is whether change is coming to California. My pal Steve Hilton looks to have actually won the Governor’s jungle primary. Here’s what Mr. Trump posted on Truth Social:

“Congratulations to Steve Hilton on coming in first, last night, in the California Vote for Governor. If Californians are smart, which I know they are, they will put Steve into the Governor’s Mansion, and watch their State get better at a rate that has probably never been seen before.” Mr. Trump added: “I know Steve — He is a hard driving WINNER, and he will turn California around, quickly — and the Federal Government will be there, with him, to help.”

My point. Mr. Hilton is one smart cookie and you can bet he’ll put together a great issues campaign to stop the corruption in California. Stop the economic exodus. Stop the tax confiscation and move that state to recovery from dystopia. He can do it.

And then there’s Spencer Pratt running a strong second in the Los Angeles mayoral race, winning the hearts of moms and families to make Los Angeles a decent place to live again. Fires, homelessness, drugs, crime: watch Mr. Pratt put together a first-rate campaign with a strong staff to set up a kind of City Hall-in-waiting. And the more you see Mayor Karen Bass, the better Mr. Pratt is going to do. 

He should debate her five times a week. She can’t hardly get a sentence out. She’s backed by all the big-spending, corrupt, big-government socialist interest groups, but the rank-and-file may not follow the leadership. And Mr. Pratt might even be able to beat her with donors that want to restore Los Angeles to its prior greatness.

No matter what happens in November, Steve Hilton and Spencer Pratt are bringing change to California and Donald Trump is bringing big change to the Middle East.