This op ed by Palmetto Promise Senior Fellow Dr. Oran Smith was originally published in the National Review, July 23, 2024. Because South Carolina wisely resisted total lockdown during Covid, coming out of the pandemic, we were in a good position. But on fiscal issues, state leaders had been content to kick the can down
Palmetto Promise Institute remains firm in our belief that when the Conference Committee working on the 2024-25 state budget faces the choice between cutting the state individual income tax rate and rebating a portion of the property tax, it should pick a permanent reduction in the individual income tax. This is looking more doable with
As you read these words, a Conference Committee of the South Carolina Senate and House has been tasked with hammering out a state budget for the year that begins on July 1, 2024. There are instances where the House and Senate versions differ, and there are 353 pages of “provisos,” the instructions that the legislature
Since he was elected to the South Carolina Senate in 2012, Senator Sean Bennett has been a strong, steady voice for comprehensive tax reform. Bennett is known for taking to the well of the Senate and laying out his very specific concerns about how our current tax code is unfair, unstable and uncompetitive. Two of
During its 2021-22 session, the South Carolina General Assembly passed a cut in the personal income tax rate. Whew! Finally, the highest marginal personal income tax rate in the South (7%), which has never been cut since its adoption in 1959, is headed for extinction. That’s great news. It was also good to see the
South Carolina is competitive on Corporate Taxes, and in recent years the Palmetto State has begun to chip away at high Individual Tax and Unemployment Insurance Tax rates.
