When citizens debate the dreaded subject of taxes, the conversation nearly always revolves around individual income taxes. This was a hot topic in the 2025 South Carolina General Assembly. Yet, behind the scenes, another stealthier tax is quietly shaping the state’s economy just as powerfully: the manufacturing property tax. South Carolina has historically lived on
At Palmetto Promise Institute, we are proud to advance policies that support a free market economy in South Carolina. The term “free market” is frequently used, yet often misinterpreted as a free-for-all economic melee without a governmental role. It is essential to clarify this. In a theoretical model of pure free markets (see your Econ
You may have seen this map going around social media lately. It visualizes data from the United States Bureau of Economic Analysis for the first quarter (Q1) of 2025 (January to March), tracking the Real Gross Domestic Product (GDP) of each state. If you look closer, you can see the Southeast leading the nation with
After long weeks of deliberation, President Trump’s “One, Big, Beautiful Bill” (OBBB) finally passed the US House on July 3, 2025, in a 217-214 vote. Just days prior, the Senate passed it with the final deciding vote cast by Vice President Vance. This tight victory for Trump marks the penultimate step toward his self-imposed July
This op ed was originally published in FitsNews. At Palmetto Promise Institute, we believe the best solutions don’t come from Washington — they come from communities. That’s why we were alarmed to see the U.S. House propose a steep tax hike on private foundations, raising the current 1.39% excise tax on investment income to as
At Palmetto Promise Institute, we are big on ratings and rankings. If done properly, a grade or score in a policy area can help a state know where it stands on freedom issues and how efficiently and effectively that state spends taxpayer dollars. Comparisons to neighboring states can be particularly useful. Trusted national organizations produce
President Donald Trump’s “One, Big, Beautiful Bill” passed the U.S. House of Representatives on May 22, but its long-term implications are far from settled. The bill ties together a wide range of policy issues: reform of SNAP benefits, Medicaid, tax-free tips, tax-free overtime pay, and notably, a raise of the State And Local Tax (SALT)
When most South Carolinians think about state income taxes, they imagine filing a single return. Yet, for the estimated 200,000 residents who cross a state line to earn their paycheck, and the 121,000 non-residents who work in-person in South Carolina, the reality of tax season is a little more complicated. These citizens are often caught
H.4216 would set South Carolina’s individual income tax—currently at 6.2%—on a path to 0%. No state has eliminated its income tax in 45 years, but H.4216 would set South Carolina on the road to repeal. H.4216 would also shift South Carolina to a federal AGI-based income tax calculation. Flattening tax rates is the clear trend
Palmetto Promise Institute, in collaboration with The Buckeye Institute, has conducted an economic impact study on the newly amended H.4216, a proposal by the state’s Republicans leaders to move South Carolina’s highest-in-the-southeast income tax to two tiered rate of 5.39% and 1.99%, based on Adjusted Gross Income (AGI). Our findings show how South Carolina’s economy
