For years, Palmetto Promise has outlined the urgency of creating a tax system that is stable, competitive, and fair. The stars are aligning to make that happen if we can find the pedal on the right.
The leading symptoms are a penchant for tax raising and aversion to sunlight, the kind of sunlight that comes from being transparent with people trying to recover from a pandemic about how you are adding to their pain.
How does the Palmetto State stack up against the other 49 in terms of saving for fiscal catastrophes, both with emergency budget set asides and budget surpluses?
The House is slated to return for a budget session on Tuesday, June 8, and there will be lots of candy in the window. Just look at what the budget writers have to play with for the fiscal year beginning July 1, 2021.
South Carolina is among the nation’s top magnets for new residents in recent years because the Palmetto State is a great place to live. Yet South Carolina’s outdated tax code holds the state back in the national and global competition for new business, jobs, investment and people.
