Spartanburg State Sen. Josh Kimbrell filed the bill earlier this month, which would take South Carolina’s top income tax rate of 7% and reduce it to 3.5%.
“If we do not adopt tax reform, if we do not cut taxes, we will no longer be competitive against our neighboring states and the quality of life we’ve come to expect as South Carolinians,” said Kimbrell, who represents South Carolina’s 11th district. “And the economic development we’ve experienced, the rising wages we’ve experienced will be a thing of the past.”
The bill would also eliminate income tax for businesses.
South Carolina Lawmaker Proposes Cutting State Income Tax In Half, Eliminating Income Tax For Businesses
- by: Taggart Houck
- 12-23-2021
- Source:
WYFF. WMBF
- 07/20/2023
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