What Is South Carolina Hiding?

Tax & Budget
July 27, 2015

Making good policy decisions requires taking an honest look at our financial picture. And if we don’t look at long-term solutions to deal with our debt problem and uncompetitive tax code, that picture doesn’t look rosy.

Everyone’s Got A Crazy Uncle…

Tax & Budget
May 1, 2015

South Carolina’s Uncle Sam is very generous, supplying nearly 38% of our budget, but he is also unstable. The federal debt as of today (May 1) at noon stands at approximately $18.21 trillion, and every year the debt grows larger. What if Uncle Sam goes unhinged? Wouldn’t it be sound financial policy for the state to have a plan for the sudden absence of our crazy uncle?

Funding South Carolina’s Future

Tax & Budget
March 18, 2015

As states like Michigan and Wisconsin discover the secret sauce of right-to-work, South Carolina stands to lose that current competitive advantage. In the most recent release of the Rich States, Poor States Economic Competitiveness Index, while our current performance puts us at #20, our outlook has fallen to #32, largely based on our levels of debt and uncompetitive tax structure. Comprehensive tax reform is the single greatest next step we could take to ensure a bright outlook for South Carolina’s future. Our top marginal personal income tax rate is the highest in the Southeast. And while our corporate tax rate of 5% is one of the lowest in the nation, we exempt more corporate income than we collect, with the majority of credits accruing to larger, newer companies rather than smaller, older in-state companies. This imbalance cannot be sustained indefinitely and is not a long-term strategy for economic competitiveness. This report outlines key features of the tax system currently in place in South Carolina and is organized by key issues affecting the impact of our various forms of taxes on the economy.

The Quest for Number One…

Tax & Budget
March 10, 2015

The numbers don’t lie. If we don’t change our ways, the Palmetto State could be looking at a #1 ranking in debt and taxes. That’s great news…for North Carolina, Tennessee and Georgia, our closest competitors for jobs and new investment.