Priorities

02

Lower Taxes

How much money should you be able to keep of yours? Where is all that money of our taxes going? Have you ever actually asked that? Have you ever gotten a straight answer? The fact is everybody wants a lower tax bill, EVERYBODY. Individual income taxes are the single largest source of state revenue in the United States. Yet there are 9 other states in this country that do not have one. Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. States with no income tax can make up that lost revenue in many ways, normally thru other taxes or reduced services. A states overall tax burden is normally a good measure of that state affordability. So where do we rank in South Carolina and what can be done?

1 thing is clear. The Founding Fathers never intended a nation where citizens would pay nearly half of everything they earn to the government.
– Ron Paul

Lower taxes in South Carolina

-Fair tax
-getting rid of state exemptions
– eliminating the state personal and corporate tax
-Constitutional amendment to lower highest in the nation property tax and bring our commercial property tax rate in line with what homeowners pay

How much money should you be able to keep of yours? How many times do you have to be taxed on the same dollar? Where is all that money of our taxes going? Have you ever actually asked that? Have you ever gotten a straight answer? The fact is everybody wants a lower tax bill, EVERYBODY. Individual income taxes are the single largest source of state revenue in the United States. Yet there are 9 other states in this country that do not have one. Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. States with no income tax can make up that lost revenue in many ways, normally thru other taxes or reduced services. A states overall tax burden is normally a good measure of that state affordability. So where do we rank in South Carolina and what can be done?

In 2017 the General Assembly passed a massive tax hike centered around a 71.6% increase in the per gallon tax on gasoline. Fits news has reported that between that time and 2022 that it will deprive our economy of close to $1.8 billion and an additional $600 million a year thereafter. The argument was that higher taxes, which took effect on July 1 2017, would lead to an increase in infrastructure projects awarded by the S.C. Dept of Transportation. Like most things that government promises, the reality is anything like they suggested with overall projects down close to 16%. Yet funding for SCDOT has more than doubled over the last 8 years with fiscal 2018-2019 budget up another $273 million to a total appropriation to $2.4 billion up from 2017-2018 total of $2.13 billion. So where is all the money going if total projects year over year continue to go down?

On top of that South Carolina has one of the highest state and local tax burdens at 8.4% ranking 42 out of 50. We are also ranked 41st in opportunity, 36th in infrastructure and consumer affairs rated S.C. dead last in roads on 11/19. We are 40th in the poverty rate overall at 16.6%. Along with all that, as of 2018, we also have one of the top marginal tax rates in the Southeast at 7%. Virginia, Mississippi, and Alabama all have rates at 5% while Georgia is at 6%. Both Tennessee and Florida have none. This obviously makes South Carolina very anti-competitive in relation to all our surrounding states.
So what can be done to make SC the most business friendly state? END THE CORPORATE AND PERSONAL INCOME TAX IN S.C.! Texas for instance, loathes the personal income tax so much that they forbid them in their states constitution. Like the old saying, “The more of something you tax, the less you get of it” The income tax is regressive and simply doesn’t promote growth. The states that don’t have an income tax don’t dip directly into there residents pay and thus become beacons for growth. These states are better at creating jobs and keeping workers from moving out to other states. Please don’t take my word for it. The American Legislative Exchange Council, not to mention countless others, reports that over the past decade the nine states without a personal income tax have consistently outperformed those states that do have a income tax in GDP and employment growth. If we already have one of the largest gas tax’s and sales tax, then why cant we get rid of the income tax?

All of us in the market that collect a paycheck are trading our time for dollars. When you tax ones livelihood, you are taxing ones liberty. As state senator for District 37, Steve French will fight to lower taxes in South Carolina.

-Steve French

Let's Start Something New