Posted: February 24, 2022 by South Carolina Policy Council
After years of justified frustration from taxpayers, state lawmakers have finally decided to address South Carolina’s highest-in-the-Southeast top income tax rate. The House on Wednesday passed a bill that would lower and consolidate the state income tax, while the Senate recently introduced its own income tax proposal that includes a plan to use $1 billion in surplus funds to pay for a future tax rebate.
Despite a shared objective, the bills take different approaches to lowering the income tax. Critically, the proposed top rate of 6% under the House bill is not guaranteed, rather it would be phased in over multiple years on the condition that state revenue continues to grow.
Below is an analysis comparing the two proposals.
Posted: January 25, 2022 by South Carolina Policy Council
This week and last, House lawmakers on several powerful budget subcommittees have heard from state agencies about their spending plans, gathering data that will be used by the full Ways and Means Committee to produce the first legislative draft of the budget. Despite the tremendous stakes and obvious public interest, lawmakers have once again failed to ensure that all of these meetings are streamed.
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