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

1. What is actually in H.4216, the Republican Tax Cut Plan? H.4216 is a conservative-sponsored plan to cut the top current South Carolina individual income tax rate from 6.2% to 5.39%, then on down to 1.99% if the economy stays healthy.   2. Who will benefit from the Tax Cut Plan? Everyone will benefit from the

Over ten years ago, Travis Brown wrote How Money Walks: How $2 trillion Moved Between States, and Why it Matters. In the foreword, legendary economist Dr. Art Laffer summarized it as a study of “the migration of working wealth as a direct result of personal income tax rates…” Based on IRS tax return data, Brown

FOR IMMEDIATE RELEASE COLUMBIA, SC — A new economic impact study by the Palmetto Promise Institute and the Buckeye Institute predicts that passage of the Republican income tax bill (H.4216) could expand South Carolina’s economy dramatically.   According to Zachary D. Cady, Associate Economist at the Buckeye Institute’s Economic Research Center, analysis of the bill found

Palmetto Promise Institute, in collaboration with The Buckeye Institute, has conducted an economic impact study of H.4216, a proposal by the state’s Republicans leaders to move South Carolina’s highest-in-the-southeast income tax to a flat 3.99% rate, based on Adjusted Gross Income (AGI). Our findings, detailed below, show how South Carolina’s economy would benefit from the

As a CPA and tax professional with over 30 years of experience, I’ve seen firsthand how tax policy impacts people’s lives, businesses, and the broader economy. That’s why I strongly support the proposed income tax cut (H.4216) currently under consideration in South Carolina.  Is it perfect? No. But it’s a strong, responsible step in the

“We should not expect the state to appear in the guise of an extravagant good fairy at christening, a loquacious companion at every stage of life’s journey and the unknown mourner at every funeral.” —Prime Minister Margaret Thatcher “Government exists to protect us from each other. Where government has gone beyond its limits is in

Shortly after Palmetto Promise Institute was born, we were approached by former state Secretary of Commerce Joe Taylor about weighing in on tax policy. He had seen the ill effects of our broken-down tax system and wanted aggressive reform.   With Taylor’s generous support, we released comprehensive studies by pre-eminent South Carolina economist Dr. Rebecca Gunnlauggsson

This article by Patrick Gleason was originally published in Forbes and quotes Palmetto Promise Senior Fellow Dr. Oran Smith. COLUMBIA, S.C. — 2025 is a big year for tax reform and the work now being done on Capitol Hill to extend the tax relief enacted in 2017 as part of the Tax Cuts And Jobs