Monthly Econ & Law Updates

November 2025

Legal Developments 

Governor DeSantis has proposed eliminating the Florida property tax, to relieve residents of the increased burden caused by escalating Florida real property values.  The proposal is slated for a vote during the 2026 general election. While he does not have the authority to unilaterally enact such changes, he desires to give voters the opportunity to make the decision in November 2026. His administration supports placing a bold amendment on the ballot that could achieve the required 60% voter approval threshold. Analysts have raised concerns about the fiscal sustainability of eliminating property taxes, noting that local governments, especially in rural areas, may be forced to cut services or increase sales taxes, disproportionately affecting low-income residents. DeSantis has suggested that the state could backfill local revenue losses using sales tax revenue, though this would require billions in annual transfers and shift tax burdens from local to state levels.

Economic Observations

Mixed economic signals are leading to market volatility and the fear of an AI technology bubble.  There are mixed signs, including elevated consumer debt; credit market warnings; a soft housing market; the impact of elevated cost and impact on earnings of AI data center expenses, and elevated consumer fear gauges, but favorable retail sales and earnings in many sectors tempered the market downturn.  Nevertheless, the S&P 500 and Nasdaq both recently closed below their 50-day moving averages and were recently down 4.0% and 6.4%, respectively, from their October 29 record highs. Bitcoin has been down 26.8% from its record high on October 6. As of November 19, 2025, the S&P 500 is reporting strong positive earnings surprises for Q3 2025, with 82% of companies reporting a positive EPS surprise and 76% reporting a positive revenue surprise, according to FactSet. Bellwether and market leader, Nvidia, topped estimates and carried the market higher from recent lows.