By FITSNews || Median income in South Carolina prior to the “Great Recession” of 2008-10 was already shrinking … at least that’s according to data from the U.S. Census. Which reminds us … why do we have to pay $14 billion to count everybody when we already know how many people there are – and apparently how much money they make, too?
Anyway, in 2000 the median income in South Carolina was $43,874 – in 2007 dollars. Seven years later? Yeah … the figure actually shrank by more than $500 to $43,329.
Keep in mind we’re not talking about per capita personal income, which is a much lower figure. Also keep in mind that South Carolina’s top marginal income tax rate of 7 percent kicks in as soon as you make $14,000 a year. Oh … and while we’re at it, keep in mind that these figures were taken before the bottom fell out of the U.S. economy, which sent South Carolina’s unemployment rate soaring to a record 12.6 percent.
Nationally, the median income figures weren’t much better, rising from $49,951 in 2000 (again, those are 2007 dollars) to $50,740.
WEB EXTRA
Median Income Levels By State
By Adam March 24, 2010 at 5:22 pm
And not surprisingly, Virginia and Maryland, which both border our nation’s capital, both had relatively steep increases in median income.
We know who got raises…
By John Steinberger March 25, 2010 at 7:11 am
Another reason to eliminate the state income tax! Art Laffer’s study “Rich States, Poor States” shows that states without income tax enjoy better income growth and more capital formation (jobs) than their rivals. Support the South Carolina FairTax Act and those candidates who endorse it!
By SC Southpaw March 25, 2010 at 8:44 am
We do the census becuause the population numbers between census are estimates. The census is used to benchmark. The American Community Survey is done every year to benchmark as well. However, it uses a small sample size and extensive questionaire.
By Just a thought March 25, 2010 at 9:21 pm
WOW, that was propaganda! NY has one of the highest income taxes and better income and capital growth than any of the states without an income tax.