State lawmakers have proposed an overhaul of S.C.’s tax code in an effort to tax people more fairly. Among the proposed changes is the idea to reintroduce a sales tax on groceries (something South Carolinians haven’t had to do in decades).
How would lawmakers make S.C.’s tax code fairer?
💸 Reducing sales tax rate from 6% to 3%
💸 Lowering state’s top income tax rate from 7% to 5%
💸 Reducing sales-tax exemptions on $70+ billion in now-untaxed goods/services
💸 Reducing “inequitable” income-tax deductions + providing standard deductions of $10,000 for single filers, $15,000 for married couples + $20,000 for taxpayers filing as the head of a household
How would the proposals affect how much you pay in income taxes?
💸 Those earning between $30K-$90K would pay about $35 less annually.
💸 Those earning between $90K-$100K would pay about $76 less annually.
💸 Those earning between $100K-$200K would pay about $136 less annually.
💸 Those making $200K+ would pay about $640 more annually.
The proposed changes could result in S.C. raising $133 million more in taxes.
