SC Business Tax Climate Slips
Another day, another indication that it’s not a “great day in South Carolina,” as Gov. Nikki Haley likes to say.
According to the nonpartisan Tax Foundation, the Palmetto State has slipped to No. 37 (out of fifty states) on the group’s “2014 State Business Tax Climate Index” – which measures a state’s competitiveness based on its corporate, income, property, sales and unemployment insurance taxes. South Carolina had ranked No. 36 on the index in each of the previous three years.
Future rankings will see South Carolina fall even further in light of major individual income tax relief passed by neighboring North Carolina.
“While the (Tarheel) state remains ranked 44th for this edition, it will move to as high as 17th as these reforms take effect in coming years,” the Index’s authors noted.
South Carolina’s low ranking on this survey isn’t the only bit of bad news the state’s economy has gotten this year. In fact there’s been a steady stream of depressing data.
A report released earlier this year ranked South Carolina as one of the worst states in America try and make a living. Other recent reports showed the Palmetto State as having a terrible business tax climate as well as zero upward mobility for its citizens. Meanwhile our labor participation rate is at an all-time record low.
And while Haley has been adept at growing government and doling out taxpayer-funded goodies to select corporations, she’s fared terribly when it comes to creating private sector positions.
According to a report released earlier this summer, Haley ranked 34th out of 45 governors surveyed when it comes to private sector job creation (five governors were not ranked because they entered office in 2013).