A proposal by S.C. Sen. Katrina Shealy (R-Lexington) to completely eliminate the individual income tax in South Carolina has received the endorsement of the Palmetto State’s top pro-free market fiscal conservative.
S.C. Sen. Tom Davis (R-Beaufort) – a longtime supporter of income tax relief (and opponent of government subsidized “economic development”) – praised Shealy’s proposal.
“I support and will co-sponsor Katrina’s bill,” Davis told FITS. “Eliminating the state income tax would do two important things: First, it would promote economic growth in South Carolina. Simply put, zero-income-tax states grow faster and create more jobs. Second, eliminating the income tax would force South Carolina politicians to control state government spending. A recent survey by the Kansas Policy Institute reveals that states with an income tax spent 42 percent more per resident than the states without one.”
Indeed … and less government is one reason we are so enamored by Shealy’s proposal.
Unlike other so-called “Republicans,” Shealy is proposing an honest-to-God tax cut – one achieved via spending reductions and expanded economic activity. She’s not suggesting lawmakers raise taxes elsewhere as a method of “paying for” the cuts – as supporters of the so-called “Fair Tax” believe ought to be done.
In addition to being ideologically pure, Shealy’s plan also represents substantive relief – meaning it is light years ahead of the so-called “income tax relief” proposal offered last year by S.C. Gov. Nikki Haley.
Kudos to Davis (a member of the Senate Finance committee) for seconding this measure … and let’s hope other elected officials follow suit.