MORNING HEADLINES | Republican leaders in the S.C. General Assembly on Tuesday introduced a new income tax structure proposing billions of dollars in tax income relief that would drop the state’s income tax below nearby states.
Critics say, however, the change would shift the income tax burden significantly from the rich to the working poor.
The new proposal would drop the state’s income tax rate from the current 6.2% rate, which leaders say is the highest in the Southeast, to 3.99% in 2026, which they say would cut South Carolina’s income tax rate to the lowest in the region.
On Tuesday, state leaders argued the dropped rate would make South Carolina more competitive and bring more talent to the state.
“South Carolina’s incredible economic growth has been achieved despite a clear competitive disadvantage — an archaic and confusing individual income tax rate that discourages investment and stymies talent attraction,” S.C. Chamber of Commerce President and CEO Mike Brenan said in a statement.
While the proposal generally would cut taxes for the state’s wealthiest, it would also include tax increases for the roughly 44% of South Carolinians who currently don’t pay state income taxes, many of whom are among the poorest individuals.
The state’s poorest people would bear most of the burden, according to media outlets. Under current conditions, the bottom 20% of earners dedicate approximately 10% of their income toward state and local taxes, according to calculations by the Institute on Taxation and Economic Policy.
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Former school board member formally wins seat in S.C. House. Former Charleston County School Board member Courtney Waters, a Democrat, officially won a S.C. House seat in a Tuesday special election to represent North Charleston.
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