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South Carolina residents could get a larger tax cut

Thanks to a $14.5 billion spending plan, South Carolina residents could get a larger tax cut than expected this year.

GVLtoday

Bigger tax cut, less problems. | Photo by M. Judson Booksellers

You like my hair tax cut? Gee thanks, just got it. South Carolina residents can expect to see a larger tax cut than originally planned thanks to a ~$14.5 million spending plan approved last week. The income tax rate will go from 6.3% to 6.2% with the goal of eventually bringing it down to an even 6%.

After you’re done celebrating, you might be asking, “Hey, where’s that money coming from?” Short answer: “Surplus sales tax dollars that have accumulated since 2020.”

Long answer: In 2006, taxes in owner-occupied houses were essentially cut in half, and in exchange, the state sales tax went from 5% to 6%. That increase eventually accumulated to ~$600 million. Who knew 1% could do so much?

Originally, the tax cut wasn’t supposed to happen until next year, but the Senate + Governor of South Carolina Henry McMaster pushed for it, and here we are.

Bonus: Read the full article.

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