SC

SC Senator To File Income Tax Relief Proposal

Back in March, we wrote that S.C. Sen. Katrina Shealy (R-Lexington) was mulling a major individual income tax relief proposal. Our sources didn’t tell us how much of the state’s oppressively high (and regressively applied) top marginal rate Shealy was going to cut, but they promised it wouldn’t be another…

Back in March, we wrote that S.C. Sen. Katrina Shealy (R-Lexington) was mulling a major individual income tax relief proposal.

Our sources didn’t tell us how much of the state’s oppressively high (and regressively applied) top marginal rate Shealy was going to cut, but they promised it wouldn’t be another typical example of Palmetto State “relief in name only.”

“You’re going to love it,” our source said, referring to this website’s longstanding support for eliminating the individual income tax.

We don’t expect Shealy to propose the complete elimination of this anti-competitive levy (although that would be amazing if she did) but we are excited to hear the wait is nearly over.

Sources familiar with Shealy’s plan tell FITS the first-term lawmaker – who ousted incumbent RINO Jakie Knotts in 2012 – will file her legislation next Tuesday.

South Carolina’s individual income tax – which is paid by all income earners and the vast majority of small businesses – is one of the highest in the nation.  And in addition to being punitively high, its top rate of seven percent kicks in at $14,000 – meaning virtually all income earners are stuck paying this rate. That’s obviously a recipe for disaster in a state with chronically low income levels like South Carolina.

In addition to its low incomes, South Carolina has also seen a dramatic increase in the number of its citizens living in poverty. In 2000, there were 557,271 Palmetto State residents (or 14.4 percent of the population). classified as “poor.” Last year that number had climbed to 837,770 – or 18.3 percent of the population.

That’s well above the national poverty rate of 15.9 percent.

South Carolina’s labor participation rate also currently stands at a record low of 58.2 percent – well below the national rate of 63.0 percent (which itself is hovering near-three decade lows).

Clearly the Palmetto State is in need of some real “stimulus.” You know … as opposed to the government kind (which has been a complete and total failure).

FITS reached out to Shealy for comment this week but she declined to discuss the specifics of her plan. She did promise to forward us a copy of the legislation as soon as it was filed.

We’ll be eager to see what she comes with … hopefully it will be a big cut along the lines of what North Carolina recently passed.

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40 comments

Frank Pytel December 11, 2013 at 4:23 pm

“Sing with me, sing it for the year….”

Reply
? December 11, 2013 at 9:21 pm

Nice!

I think the pol theme song is “Big Ten Inch”.

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CorruptionInColumbia December 11, 2013 at 4:30 pm

I like Katrina. So far, she has not turned out to be the Haley clone so many feared she would be.

People argue that SC “needs” Lindsey Graham because he has clout and power and can do things for SC. Jake had clout and power, and like Lindsey, he did not use it to benefit his constituents but rather, himself. Lexington County is far better off with Jake gone from our office. SC needs to do the same with Lindsey.

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EJB December 11, 2013 at 5:05 pm

+5

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RogueElephant December 11, 2013 at 8:43 pm

Katrina is destined to be a great senator. She is actually doing what a senator is supposed to do: working for the people of SC.
I keep telling every body I see to pick a candidate opposing Graham and work their bunns off for them. Then hopefully in June we can all get together in the runoff and put Grahamnasty (?) SC out to pasture.

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mary December 15, 2013 at 10:20 pm

-9

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jimlewisowb December 11, 2013 at 4:33 pm

Filing Proposed Legislation is about as complicated as pissing in one’s pants

Drop me a line next year around this same time and let me know the outcome

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Lonnie Palmer Jr. December 11, 2013 at 5:04 pm

Yeh,good point.There are HUNDREDS of pieces of legislation introduced each year,of which about ten percent or so,make it as actual legislation.

Good plug for Katrina though.

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You are killing me December 11, 2013 at 6:19 pm

Negative nanny aren’t we

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Buford pusser December 12, 2013 at 5:22 am

14 states have income tax higher than SC and another 10 have rates over 6%.

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? December 11, 2013 at 4:47 pm

This has the potential to help a lot of people, like small business & the poor, that’s why it won’t pass.

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nitrat December 11, 2013 at 4:53 pm Reply
euwe max December 11, 2013 at 5:19 pm

Texas doesn’t have an income tax. They have a tax on service related industries.

We are all real smart out here in Texas.

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cletus December 11, 2013 at 9:09 pm

According to my son who lives in one of Texas’ larger cities, their property taxes are out of this world, at least by SC standards.

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euwe max December 11, 2013 at 10:15 pm

See? You don’t get it – it’s how they keep the poor white trash out of the rich minority neighborhoods! It cuts down on crime, and pays for concrete residential streets, flowers in the medians, and grackle control.

I live across the street from the most expensive high school in the United States!

Top that, top cat.

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CorruptionInColumbia December 12, 2013 at 9:19 am

“I live across the street from the most expensive high school in the United States!”

I thought you lived in Texas. Corley Mill Rd is in Lexington County.

:-D

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Just another Joe December 12, 2013 at 5:53 am

The problem isn’t so much with taxes, but with the 18% of the state’s population classified as poor.

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Frank Pytel December 12, 2013 at 6:10 am

People are poor because the few of us that are working are being taxed to death to support the EBTzoo. Reduce taxes on the working and job creators, they have more money to spend. If I have more money to spend, people will need to hire more employees. More employees create more taxpayers which means you won’t need to collect as much taxes which means I have more money to spend…..

It’s a vicious cycle. I know. But I’m willing to make the sacrifice.

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SCBlueWoman December 12, 2013 at 8:16 am

Reducing taxes on the job creators has never trickled in to jobs. Ever. Consumers create jobs by buying products, consumers aren’t buying because the right has everyone running scared because they say the sky is falling. BTW, you aren’t being taxed to death. You are posting on here and appear to be very much alive.

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Lenin December 12, 2013 at 8:46 am

I agree, that’s why we need to raise taxes on the job creators, so we can put more people on the welfare rolls by taking their money.

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Frank Pytel December 12, 2013 at 8:59 am

BBBwwwahahahahahahahah

SCBlueWoman December 12, 2013 at 9:07 am

Businesses have been sitting on the largest cash reserves in recorded history. Where are the jobs?

Frank Pytel December 12, 2013 at 9:15 am

I truly appreciate what you’re saying. Welcome to the new norm. But this is not a result of capitalists. This is a result of libitards bailing out their buddies. Think back 50 years. Hell, think back 25 years. This kind of crap wouldn’t be happening. This is all about “Crony Capitolism”

Another way to put it is ‘What’s yours is mine, What’s theirs is mine and What’s mine is mine.’ I hate Kennedy. Kennedy would never have done this. No way in hell.

SCBlueWoman December 12, 2013 at 9:32 am
Frank Pytel December 12, 2013 at 9:34 am

I’m not reading some gubmint or libitard periodical. If your an economist, spill the beans.

SCBlueWoman December 12, 2013 at 10:55 am

What? No Infowhores rebuttal?

Frank Pytel December 12, 2013 at 12:12 pm

I don’t spew Republicrat or Demlican pablum.

Jackie Chiles December 12, 2013 at 9:35 am

“The Center conducts research and analysis to help shape public debates over proposed budget and tax policies and to help ensure that policymakers consider the needs of low-income families and individuals in these debates.”

Slartibartfast December 15, 2013 at 10:25 pm

So you quote a study from a left of left Marxist feely group as if it were fact? God, no wonder you people have screwed up America so badly.

Lenin December 12, 2013 at 9:44 am

Maybe they are afraid something bad will happen and it’s insurance. I agree with you though, time to take their money and increase welfare rolls.

SCBlueWoman December 12, 2013 at 10:56 am

How about they pay a living wage? They can do it and not hurt the bottom line and it would increase spending, demand, and create more jobs.

Frank Pytel December 12, 2013 at 12:15 pm

There it is. Only employees know how to spend money. Business owners don’t do it right.

Lenin December 12, 2013 at 1:08 pm

“BTW, you aren’t being taxed to death. You are posting on here and appear to be very much alive.”

“How about they pay a living wage?”

Are there people making a dying wage?

SCBlueWoman December 12, 2013 at 2:04 pm

Yes.

Slartibartfast December 15, 2013 at 10:35 pm

Do you have any idea what forcing, unnaturally, an increase in the velocity of money does to inflation on the living wage? Do you even know what that question means?

Frank Pytel December 12, 2013 at 9:03 am

But if I have more money in my pocket, it has to go somewhere? I can’t take it with me, so I spend it. Or I give it to my children or grands to spend. But my spending doesn’t create jobs?

Clearly you have a much better grasp on job creation. Please enlighten me on how jobs are created? Please really. Please?

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Jackie Chiles December 12, 2013 at 9:33 am

“BTW, you aren’t being taxed to death. You are posting on here and appear to be very much alive.”

OOOH….slam. She got you Frank Pytel. You were literally saying that you were dying from taxes and she totally busted you.

How is SCBLUEWOMAN so bad at debating?

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Slartibartfast December 15, 2013 at 10:20 pm

Tell me one time when it did not. Tell me one. Tell me and I will show you a Democrat lie.

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fred December 12, 2013 at 11:05 am

Hmmm. Isn’t Ms. Shealy a BIG FAN of ALEC? How can anyone take her seriously when she is not representing her constituents, but cozying up to big business and lobbyists. Come now Shealy shame on you.

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Ralph Hightower December 14, 2013 at 6:27 pm

SC Governot Nikki Haley is going to veto it because it addresses people instead of businesses.

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