As South Carolina budget writers continue to warily watch COVID-19’s impact on state revenue projections, what better time to take a look at how South Carolina generates tax revenue. Tax economists generally advocate for a “3-legged” stool of taxation, a balanced combination of income, consumption (sales), and property taxes, to create revenue stability across the
We hope this message finds you safe as South Carolina slowly but surely moves towards the “next normal.” Governor McMaster has now allowed indoor restaurant dining and has set a date of next week for the opening of close-contact businesses like hair and nail salons. We’re encouraged to see folks able to get back to work
In a matter of days, broadband connectivity went from being a luxury to a virtual necessity. Millions of adults suddenly found themselves working from home and students moved to learning online practically overnight. For many individuals, the only way to see their doctor is through telemedicine. While some communities across America have the internet infrastructure
When the COVID-19 madness hit, the Governor and the House of Representatives had already had their crack at the state budget for the fiscal year beginning July 1, 2020.
On Tuesday, the SC House Labor, Commerce & Industry Committee unanimously passed H.4431, a bill to standardize South Carolina’s business license tax process and provide relief to local businesses. Over 230 of the total 271 municipalities levy a business license tax on local businesses. Because municipalities have different processes for collecting theses taxes (different forms,
Last month, Reason Foundation released its 24th Annual Highway Report on the condition of America’s roads and bridges. The annual study provides state-by-state comparative data, rating each state according to factors such as rural/urban interstate conditions and cost-effectiveness of spending per mile.
A recent poll conducted by the South Carolina Chamber of Commerce shows that 71% of registered voters support a simpler state tax code. Since 2017, Palmetto Promise has been doing the research to show how South Carolina’s unfair, unstable, and uncompetitive tax system is killing the little guy. The good news: states like North Carolina
Tax reform advocate Ellen Weaver of the Palmetto Promise Institute said the surplus shows the state can handle big changes — such as lowering rates and broadening the base — in revenue collections. Weaver added current budgeting practices need to be addressed.
PPI CEO Ellen Weaver's testimony to the Senate Finance Taxation System Review and Reform Subcommittee from Jan. 16, 2019.
During those mad, mad days at the end of December, known as the Christmas holiday news hole, a number of bombshells dropped. Here are two that you will want to know about. Progress on the sale of Santee Cooper. Avery Wilks of The State reports that on the day before the state Public Service Commission