This op ed was originally published in FitsNews. At Palmetto Promise Institute, we believe the best solutions don’t come from Washington — they come from communities. That’s why we were alarmed to see the U.S. House propose a steep tax hike on private foundations, raising the current 1.39% excise tax on investment income to as
At Palmetto Promise Institute, we are big on ratings and rankings. If done properly, a grade or score in a policy area can help a state know where it stands on freedom issues and how efficiently and effectively that state spends taxpayer dollars. Comparisons to neighboring states can be particularly useful. Trusted national organizations produce
President Donald Trump’s “One, Big, Beautiful Bill” passed the U.S. House of Representatives on May 22, but its long-term implications are far from settled. The bill ties together a wide range of policy issues: reform of SNAP benefits, Medicaid, tax-free tips, tax-free overtime pay, and notably, a raise of the State And Local Tax (SALT)
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