South Carolina residents hardly need an introduction to one of the most significant sources of tax revenue in the Palmetto State: property taxes. The property tax is one of the Palmetto State’s oldest forms of taxation and is a staple for state and local government revenue all across the country. According to the Tax Foundation,
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
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
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
