South Carolina senators have advanced a modest tax cut as part of their ongoing budget deliberations, with the potential for a larger tax cut on the horizon. The current version of the Senate budget includes a proposal to cut the top marginal income rate from 6.2% to 6%, providing an estimated $290 million in relief. This is part of a $41.7 billion budget plan put forth by the S.C. House of Representatives.
However, the House’s proposal included a smaller tax cut, with adjustments to deductions and increased brackets resulting in only $216 million in relief. Additionally, the House plan included a $1 billion tax hike on middle-income earners. During a recent finance committee meeting, Senator Wes Climer questioned whether the Senate would be enhancing the current tax cut proposal.
Senate finance committee chairman Harvey Peeler did not reveal his intentions, but indicated that no one would “out-cut” him on taxes. The author of the article, Will Folks, called for more comprehensive and broad-based tax relief to stimulate the economy, raise incomes, and make South Carolina more competitive.
In conclusion, there is hope for a more substantial tax cut in South Carolina as the budget deliberations continue. It remains to be seen whether the Senate will follow through with a larger tax reduction to benefit the state’s residents and economy.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
