Our Tax Burden: The Nation’s Best – or Worst?

Legislative leaders are claiming that South Carolina “has the lowest state taxes in the nation.” If only it were true. Unfortunately the claim confuses tax collections and tax rates. It’s true that the state collects fewer dollars – but those who pay taxes, pay at higher rates.

IRS Says $32,000 Qualifies as Wealthy

Citizens earning more than $32,879 rank amongst the wealthiest half of U.S. taxpayers and paid more than 97 percent of all income taxes in 2007, according to new IRS data released this past week. The data also shows the top 1 percent paid more than 40 percent of all income taxes while earning less than […]

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Who Pays SC State Income Tax?

As South Carolinians across the state prepare for the April 15 tax filing deadline, a Policy Council analysis of the state income tax system finds that more than 30 percent of South Carolinians paid no tax whatsoever in 2007 — the last year for which the Department of Revenue released statistics. The top 1 percent […]

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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 […]

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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, […]