S.C. Rep. Nikki Haley has proposed eliminating the corporate income tax as a means of stimulating economic growth in South Carolina – one of the first major policy initiatives to be offered in a shockingly “substance-free” 2010 gubernatorial campaign.
Obviously, we’re all in favor of the proposal – provided that other taxes aren’t raised in an effort to make up the difference.
Unfortunately, a legislatively-created panel has recommended a series of new tax hikes aimed at generating more revenue for state government coffers, despite the fact that the FY 2010-11 budget is the largest in South Carolina history. Also, it’s odd that Haley would target the corporate tax, which makes up only a sliver of state revenue and doesn’t directly impact small businesses, the state’s primary economic engine.
According to the S.C. Department of Revenue, corporate income tax collections accounted for $268.6 million of South Carolina’s $20.3 billion budget in FY 2007-08 (the last year for which complete revenue data is available). That amounts to a grand total of 1.3 percent of the state budget. By comparison, individual income tax collections accounted for $2.86 billion in FY 2007-08, or 14.1 percent of the total budget. Obviously, that latter figure doesn’t include federal income taxes that helped pay for the “federal funds” portion of the state budget.
In 2002, S.C. Gov. Mark Sanford proposed eliminating the individual income tax over an 18-year period. Unfortunately, after eight long years Sanford hasn’t even made a dent in the state’s 7 percent top marginal rate, which is assessed on any taxpayer making more than $13,000.
Because South Carolina relies on small businesses for job creation, lowering or eliminating the individual income tax would have a much more dynamic effect on job creation, income levels and expanded consumer activity than lowering the corporate tax.
Of the 68,738 full-time employers currently doing business in South Carolina, 97.5 percent of them are small businesses. There are also 101,000 full-time self-employed South Carolinians. Obviously, most of these companies and individual income earners file individual returns, not corporate returns. That means they would get no relief under Haley’s plan – which would benefit only the largest corporations.
Translation?
More relief is needed, and it needs to be targeted where it will do the most good for South Carolina taxpayers.
Having said that, we support Haley in her effort to keep this particular pot of money out of government’s grubby paws … we just hope she expands her scope and eventually proposes lowering the one tax that would actually create jobs and raise income levels in South Carolina – the individual income tax.
By Liberaltarian August 11, 2010 at 2:41 pm
Crazy eyes.
By yarrrr August 11, 2010 at 2:43 pm
“Obviously, we’re all in favor of the proposal – provided that other taxes aren’t raised in an effort to make up the difference.”
“Also, it’s odd that Haley would target the corporate tax, which makes up only a sliver of state revenue and doesn’t directly impact small businesses, the state’s primary economic engine.”
It’s the easiest one to cut and the easiest one to tout when you recruit people to come to your state…
By Florida Watching August 11, 2010 at 3:00 pm
Corporate Tax Cut? Is she stoned? That won’t bring corporations to SC…..they want bigger and better incentives than that. Like free EVERYTHING for instance, in exchange for payroll. She is grabbing at one little tidbit that sounds great and means nothing.
OMG – Rumming for Governor is she?
By Florida Watching August 11, 2010 at 3:03 pm
Complete transparency is the ONLY thing she should be working on ….. or Sheehen is gonna ring that hollow head of hers till Elvis shows up.
Glad to see she is still screwing the pooch though, hate to have supporters latch onto something that makes since.
By Teddy August 11, 2010 at 3:12 pm
SCGOP expenses through June and this is what was turned up (July report will be filed by Aug 20):
Donehue Direct:
$3,000 on 5/2/10
$100 on 5/2/10
$100 on 5/2/10
$150 on 5/2/10
$3,400 on 5/3/10
$450 on 5/19/10
$405 on 6/1/10
$300 on 6/23/10
$6,901 on 6/28/10
TOTAL = $14,806
Under the Power Lines (Donehue):
$7,250 on 5/14/10
$250 on 6/14/10
TOTAL = $7,500
Washington Political Group, another new consultant led by Ryan Burrell, was paid $6,000 on 6/9/10.
The Jackson-Alvarez Group, another consultant led by Gary Maloney, was paid $8,000 on 6/7/10.
The Palladian Group, Karen Floyd’s company, was paid $12,500 on 4/1/10 for “marketing”.
SCGOP purchased a new vehicle on 5/4/10 for $19,500 from Vic Bailey Ford in Spartanburg. There was a note about the trade-in of another vehicle, but nothing on the value of the trade-in.
By Fred August 11, 2010 at 3:14 pm
It is going to take more than tax cuts to bring business to South Carolina, and stimulate the economy. Unfortunately this state needs better roads, a better educational system that provides for a better educated and trained worker. Sorry folks but good old Carolina has a long way to go thanks to likes of Sanford, DeMint and Wilson.
By yarrrr August 11, 2010 at 3:20 pm
“Sheehen is gonna ring that hollow head of hers till Elvis shows up.”
You mispelled Sheheen… hollow head
“hate to have supporters latch onto something that makes since.”
You make no sense…
Please ban Florida… AKA, Street Poller for Morgan Bruce Reeves…
And do something with wordpress so that the comments are initially hidden so that you have to push a button to see the comments..
By eggaday August 11, 2010 at 3:34 pm
that is what all the closed door meetings with the mafia dons, oops, I mean corporate CEO’s, are doing for haley’s pseudoSanfraud campaign
By CNSYD August 11, 2010 at 3:44 pm
Haley is already trying to cut indiviual income tax. Namely, her own. She just delays paying them until her titty gets in the ringer. Government finance is really easy. What are your total obligations? Where is the revenue going to come from to meet those obligations? Well if it isn’t individual and corporate income taxes, where will the revenue come from? Florida touts no individual income tax. Does FL have less government than SC? Probably not. So the revenue comes from somewhere. Higher sales taxes? Higher “fees”?
By Pam in SC August 11, 2010 at 3:52 pm
yarrrr says: And do something with wordpress so that the comments are initially hidden so that you have to push a button to see the comments
WHY do repugs what everything BEHIND CLOSED DOORS??????????
By Florida Watching August 11, 2010 at 3:55 pm
yarrr – That was easy. Do you wash her feet before or after???
By Florida Watching August 11, 2010 at 4:00 pm
yarrr – How come you forgot the screwing of the pooch??? Too close to home???
Yes, the eyes are crazy, but those front pearly whites could really to some damage. Kinda hard to see the attraction. Either way she could scare you to death.
By Florida Watching August 11, 2010 at 4:02 pm
Florida banks on the tourist trade – risky business. BP is a prime example.
By Florida Watching August 11, 2010 at 4:08 pm
SCGOP – What kind of return are you getting on those expenses.??? Nikki’s poll numbers are already slipping, and we haven’t even approached “THE BIG NEWS”
You don’t need consulting, you need a better candidate.
By Florida Watching August 11, 2010 at 4:11 pm
Snapperhead – Come on out, Gary is getting rug burns.
By Florida Watching August 11, 2010 at 4:23 pm
Handel conceded……………which means?????
*******************Drum Roll******************
Palin LOST
Mitt LOST
Nikki LOST
That bewitching spell is wearing off……. shoulda used a wizard instead of a witch.
By bqueen August 11, 2010 at 4:25 pm
So if the corporate tax is eliminated, this will inspire corporations to hire more people? Really? What is she smoking? The economy has forced numerous small businesses to cut the fat in their overhead and operate on lean budgets. If the corporate tax is eliminated, the business owners and shareholders will simply pocket the extra cash (not a bad thing). The same is going to happen in my business. Which businesses are going to go on hiring sprees? Get real Nikki. If this is part of the “jobs plan”, well, it sucks. Go back to the drawing board.
By Florida Watching August 11, 2010 at 4:26 pm
Pam – Cos repugs were scolded for rubbing one off in public.
By billybob August 11, 2010 at 4:33 pm
Hey Teddy,
Where are you getting your facts from? Can you give us a website or something?
By Florida Watching August 11, 2010 at 4:33 pm
Fred – Exactly. Where is your name on that SCGOP expense list? Don’t tell me the GOP is trolling this site for advice? Not much they can do about damage control………….
By ArtVandelay August 11, 2010 at 4:38 pm
Sooooo this policy doesn’t pass muster, you attacked her for not living up to one of her main running points (transparency), you have begged her to articulate an agenda (she hasn’t) yet you still support her whyyyyyyyyyyyyyyyyyyyyyy? Seems to me that if this was someone else this would be the very reason(s) to NOT support them.
Oh wait…that’s right…she’s better than the flaming liberal trying to turn SC and this country into the cold war soviet union…my bad…I forgot about that :-/
By Florida Watching August 11, 2010 at 5:01 pm
bqueen – Right. The old story of the wolves eating the sheep, unless………..
By Florida Watching August 11, 2010 at 5:06 pm
Well, to be honest……Nikki did let him tap the sweet spot, and we don’t know what, if anything, Sheheen offered up. So of course he is gonna support her. Under the stress, she may want a trip down memory lane.
By Florida Watching August 11, 2010 at 5:07 pm
Tim – When are you getting back with us on those hospital CONS???
By Florida Watching August 11, 2010 at 5:09 pm
Think about it – the house ethics committee will decide Nikki’s fate way before the election. As soon as they get their heads out of their………….
By Watching from Afar August 11, 2010 at 5:16 pm
Another boring press release on a topic that is an easy sell and has been permeating for years. Where is the real plan? How are you going to put people into jobs Nikki? This plan is a regurgetation of the same ole drummed up theories. And interestingly enough she cites Texas….a lot. Ummmm, talk a about a weak Governor state…sheesh. Did their numbers just look better for you?
By Florida Watching August 11, 2010 at 5:18 pm
Ok, last one ……….
Breaking News: Nikki coughed up a hairball…Palin has her goons rushing to the site to secure the evidence.
By Joey Jo Jo Jr. Shabadoo August 11, 2010 at 6:15 pm
Who has a C-corp in SC except for corporate behemoths that are here to take a dump in our wetlands?
The American economy is matured, and it’s hard to be a government suppored corporate cash cow when you have to give back taxes!
By Wesley Donehue August 11, 2010 at 6:19 pm
Teddy – this email was sent by Justin Evans and he later apologized for misstating the facts.
The Palladian Group expense was actually an in kind contribution.
The vehicle was a trade in for two gas guzzlers to save money on gas and insurance.
I appreciate Justin doing the right thing for once and admitting his mistake.
- Wesley Donehue
By Florida Watching August 11, 2010 at 7:02 pm
Hey Donehue
Are you not part of the Nikki Nookie email evidence that Sic posted???
Any comment??
By countryboy August 11, 2010 at 7:03 pm
FITS- I know you love the hits you get from Florida watching, but it may be costing you business overall. I certainly have lost interest since he (or she or whatever) started hogging the site.
By Florida Watching August 11, 2010 at 7:05 pm
I believe I saw you on TV right after those emails went viral, you were running like a dog. Didn’t want any of it, eh?
By Florida Watching August 11, 2010 at 7:14 pm
Wesley – What did Sic tell you anyway???? I mean, stuff we don’t already know?????
By Florida Watching August 11, 2010 at 7:17 pm
countryboy = Sorry dude ………..just trying to stir alittle debate. I’ll quit.
By fitsnews August 11, 2010 at 7:22 pm
countryboy:
true that. but it is a marketplace of ideas, ya know.
-fits
By Cancerman August 11, 2010 at 7:40 pm
She took Sandfrauds tried and true 8 year plan and made it hers what an idiot, She is going to give Sheheen the governors offcie at this rate.
By Lundasoid@hotmail.com August 11, 2010 at 9:47 pm
Burp!!!!
By Lundasoid@hotmail.com August 11, 2010 at 10:17 pm
I sold my soul for rock n’ roll — Black Sabbath
By Florida Watching August 12, 2010 at 9:20 am
SMS ——
From: Wes Donehue
To: Will Folks
Sent: May 14, 2010 10:36 AM
Now, I don’t give a fuck of you believe me or not. Your the one who screwed her. You’re the one who bragged about it. She’s the one who told BJ. Yall point fingers at your own damn selves and leave me the fuck out of it.
By Florida Watching August 12, 2010 at 9:22 am
Sorry Wes, I forgot that you would like to remain low profile….
Baaaaaaaaaa- HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
Ok, countryboy …… I’m done.
By Staffer August 12, 2010 at 11:28 am
Lower taxes on corporations but raise taxes on necessities? Be careful Haley. You’re pandering to the wrong folks. You need the poor, ignorant, rural, Libertarian vote for the landslide. Those folks don’t even think the gov’t should have the power to tax so BE CAREFUL! They hate corporations, albeit less than the gov’t, and they go to the grocery store every week. Just say you’ll lower taxes and cut spending and leave it at that. Don’t give too much information Haley, you’re on the home stretch. No more talking, just smile, show your legs and quit whoring. Ride this thing out baby, wave and smile, wave and smile. Policy isn’t as important as getting elected: wave and smile, wave and smile. Once elected and its evident you’re a lame duck we’ll need those ignorant Libertarians to boost your national bid. Keep them disconnected and wave and smile. Don’t F this up! Chin up, breasts out and STFU.
By Florida Watching August 12, 2010 at 11:47 am
Staffer – Wow, that was most excellent !!! Way too funny, and way too true!!!!
Nikki – You know, the rumors around Palin’s breast enhancement got big press….and it was all padding and posturing. Dear, we have seen your posturing, now get some uber ultra pads. I hear chicken breasts have a nice texture……just don’t leave them in there too long.
By Florida Watching August 12, 2010 at 11:53 am
Now, about your legs. Add an inch to the heels, red fishnets on the weekends…….especially with the black suit. Try some white ones with your blue suit…….work it, girl. Stop using your brain.
By sick of your sikh denial August 12, 2010 at 12:09 pm
Did you know that Haley was born in 1972, don’t know where, and graduated from a private high school in 91. She really must be quite intelligent. She graduated at only 19 years of age.
By Florida Watching August 12, 2010 at 12:13 pm
sick of your sikh denial – ?????
By Florida Watching August 12, 2010 at 12:16 pm
Staffer – You sure are a funny dude, any kin to Balsak????
Sic, you gotta hire this guy and Balsak.
By sick of your sikh denial August 12, 2010 at 1:09 pm
Sheheen and Haley, can we see your birth cerificates?
By sick of your sikh denial August 12, 2010 at 1:13 pm
Sorry, typo, certificates. Can we see proof that you both graduated college. Can we see both of your credit scores, so we can see how you handle money?? And how about those emails, before they time out?
By wayne August 12, 2010 at 7:09 pm
No corporate tax, but re-instate grocery tax. She ain’t even smart enough to lie during the campaign.
By Florida Watching August 13, 2010 at 8:38 am
She was babbling like Palin, kinda ran off at the mouth.
By eggaday August 13, 2010 at 9:04 am
is she planning to tax the air we breathe too, and let corporations get away without paying that tax?
Sanfraud alert.
Sanfraud alert.
SC CANNOT AND MUST NOT RE ELECT SANFRAUD, even in a skirt.
By Florida Watching August 13, 2010 at 9:21 am
Well…….if she wears red fishnets with that black suit????
By Florida Watching August 13, 2010 at 9:22 am
Perhaps a baby blue ruffled cleavage popper????
By Florida Watching August 13, 2010 at 9:23 am
Or oiled down in a pink thong, no top????
By sick of your sikh denial August 13, 2010 at 9:48 am
She doesn’t have to worry about grocery taxes, if she evn shops at all. She is not like most citizens of our state. She simply cares about being governor and the power assuciated with, and nothing else. Vote Sheheen, the only choice we have.
By Florida Watching August 13, 2010 at 10:11 am
She would like a Palin type book tour. “Sleeping To The Top In Politics.” Assuming she did bang the current Governor.
Which seems likely.
By sick of your sikh denial August 13, 2010 at 3:08 pm
If she and the luvguv were an item, do you think she will still get Jenny’s endoresment. I wonder if she threw herself at Romney?
By Belly up August 15, 2010 at 8:12 pm
She is just watching out for the folks who donated to her campaign, what are you complaining about! Isnt that what all (corrupt) politicians do?! Yea, then raise the grocery tax! What makes this any different from many thing Obama is doing to the little people in this country?
i didn’t vote for her and I wont. I will vote third party.
By sick of your sikh denial August 16, 2010 at 10:27 am
The more she speaks, the more transparent she becomes. Who is coaching this woman?