Proposed Cigarette Tax Increase to Cost SC 4,100 Private-Sector Jobs

Legislation under consideration by the South Carolina Senate would raise the cigarette tax by 700 percent and cost the state more than 4,100 jobs, according to a dynamic analysis conducted by economists at the Beacon Hill Institute at Suffolk University. The tax increase is expected to particularly hurt low-income workers employed in the retail sector of South Carolina€™s economy.

South Carolina’s Built-In Income Tax Hikes

South Carolina’s income tax structure is antiquated. As salaries rise with inflation, the increased take-home income drives workers into higher marginal rates of taxation. This occurs even if a workers real disposable income and purchasing power remain steady. Such a system means that South Carolina workers are being subjected to built-in tax hikes as their …

The Economic Impact of a 45 Cent Tobacco Tax Increase

Despite a surplus of more than $1.3 billion in tax revenues for 2006, lawmakers in Columbia are looking to increase taxes on cigarettes by 45 cent a pack. Not satisfied with nearly $30 million dollars in cigarette tax revenue for 2006, policy makers plan to roll out a regressive tax that will cost the state …

National Study Confirms: Taxes in South Carolina are High, Rising

In late April of 2007, the Tax Foundation, a nonprofit, nonpartisan research organization, released a new report that detailed the rising burden of state and local taxation. The report found that state and local taxes will consume eleven percent of national income in 2007. Defenders of big government in South Carolina have long argued that …

Don’t Fund Income Tax Stimulus with Corporate Tax Hikes

Don’t Fund Income Tax Stimulus with Corporate Tax Hikes By Burnet Maybank   I was very pleased to read Governor Sanfords recent call for $205 million in income tax reductions. The Governor is to be applauded for his continued devotion to the cause of tax cuts as a significant economic development stimulus. I was concerned, …

Tax and Expenditure Limitations (TELs)

An effective Tax and Expenditure Limitation (TEL) in South Carolina would be a constitutional restraint that allows for annual government growth in spending as a function of population growth and economic inflation. Revenues collected beyond this limit would be used towards both an emergency fund and a reserve fund, with excess being returned to the …