Democrats and Republicans praise tax cuts in South Carolina
2 years, 10 months ago

Democrats and Republicans praise tax cuts in South Carolina

Associated Press  

COLUMBIA, S.C. — The Republican-dominated South Carolina House unanimously passed a $600 million income tax cut Wednesday in less than 15 minutes of debate with much of that time spent by Democrats praising the idea. Between the booming state economy and money saved from previous budget years in case the pandemic caused an economic collapse, South Carolina lawmakers have an extra $4.5 billion to spend this session. The House plan cuts the states top income tax rate from 7% to 6.5% next year and continues to reduce it to 6% over the next five years if the economy continues to grow. The proposal heads to the Senate, where Finance Committee Chairman Harvey Peeler has suggested an even bigger cut — spending $2 billion to cut the 7% top income tax rate to 5.7% and also send back $1 billion in state revenue as rebates with the exact details to be determined.

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History of this topic

Tax cuts, teacher raises and a few social issues in South Carolina budget compromise
6 months ago

Tax cuts, teacher raises and a few social issues in South Carolina budget compromise

Associated Press  

COLUMBIA, S.C. — A budget compromise reached by a small group of lawmakers Friday means South Carolina will accelerate a planned income tax cut, raise the salaries of all teachers and state employees and send more money to adult and juvenile prisons. A conference committee agreed to the more than $13 billion spending plan for next budget year, sending it …

Vos wants ‘significantly’ more than $3 billion in tax cuts
2 years ago

Vos wants ‘significantly’ more than $3 billion in tax cuts

Associated Press  

MADISON, Wis. — Wisconsin Assembly Speaker Robin Vos said Friday he wants to cut taxes by “significantly” more than $3.4 billion in the next state budget, while remaining coy about how he wants to address major issues such as funding for schools and local governments. One possibility they’ve discussed is using 1% of the state sales tax to replace shared …

Income tax cuts, rebates centerpiece of SC’s $13.8B budget
2 years, 6 months ago

Income tax cuts, rebates centerpiece of SC’s $13.8B budget

Associated Press  

COLUMBIA, S.C. — Many South Carolina taxpayers may soon be getting several hundred dollars in tax rebates on top of a cut in their regular tax rates after a group of powerful lawmakers from the House and Senate agreed Friday to a compromise on the state budget. Along with the tax cut, the plan raises the minimum salary for teachers …

A few SC senators regret $1B tax rebate as$12B budget passes
2 years, 7 months ago

A few SC senators regret $1B tax rebate as$12B budget passes

Associated Press  

COLUMBIA, S.C. — Some Republicans in the South Carolina Senate had a little remorse over taking $1 billion out of the state budget to give income taxpayers rebates. The senators took control of the chamber’s $12.6 billion budget debate for several hours Wednesday, unsuccessfully pushing to have that money spent instead on road improvements, building rural schools, providing a $1,500 …

SC Senate unanimously passes income tax cut and rebate
2 years, 9 months ago

SC Senate unanimously passes income tax cut and rebate

Associated Press  

COLUMBIA, S.C. — The South Carolina Senate unanimously passed a $2 billion income tax cut and rebate bill, setting up what will likely be intense negotiations with the House over the $1 billion tax cut it passed last month. The proposal would send a rebate of at least $100 to everyone who files an income tax return in South Carolina, …

Every SC taxpayer gets at least $100 rebate in Senate bill
2 years, 9 months ago

Every SC taxpayer gets at least $100 rebate in Senate bill

Associated Press  

COLUMBIA, S.C. — Everybody who files an income tax return in South Carolina — even the more than 1 million people who pay no state income tax — would get a rebate check of at least $100 in a bill being considered by the state Senate. They make up about half of a $2 billion package that would also cut …

SC Senate ups ante to $2 billion in income tax cut debate
2 years, 10 months ago

SC Senate ups ante to $2 billion in income tax cut debate

Associated Press  

COLUMBIA, S.C. — The financial leader in the South Carolina Senate proposed nearly $2 billion in income tax cuts and rebates on Thursday, adding an even larger number to the debate on cutting taxes heating up in the General Assembly. “You can’t out tax cut Harvey Peeler, so let’s get down to the negotiation table,” he said. “If a tax …

S Carolina House leaders want to just tackle income tax cut
2 years, 10 months ago

S Carolina House leaders want to just tackle income tax cut

Associated Press  

COLUMBIA, S.C. — Republican leaders in the South Carolina House appear ready to tackle cutting income taxes in the state before this year’s General Assembly session ends in May. A House subcommittee plans to pass a bill cutting the state’s top income tax rate from 7% to 6% in time to be considered along with the budget later this month. …

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