The Mom and Pop Alliance of SC, led by entrepreneur Diane Hardy, is advocating for lower income tax rates in South Carolina. Recent legislation, H. 4216, aims to decrease the state’s income tax rate from 6.2% to 3.99%, which has received praise from leaders like Grover Norquist and Gov. Henry McMaster. However, CPAs have raised concerns about the bill, pointing out that while it lowers rates, it also eliminates federal standard deductions, leading to increased taxes for middle-income earners.
The CPAs argue that the bill may disproportionately impact middle-income earners, with some facing significant tax increases. They suggest that following Georgia’s example of lowering rates while increasing standard deductions could be a better approach. The Mom and Pop Alliance agrees with the intention of lowering rates but believes H. 4216 is not the right solution. They argue that increasing taxes on middle-income earners during a time of high inflation and labor shortages is ill-advised.
Diane Hardy, who founded the Mom and Pop Alliance to advocate for small businesses in South Carolina, emphasizes the importance of listening to CPAs on tax policy rather than politicians. She believes that the focus should be on cutting government spending rather than increasing taxes on citizens. Overall, the Alliance supports lowering income tax rates but opposes H. 4216 due to its potential negative impact on middle-income families and businesses.
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