SC

Confusion Over Bruce Bannister’s $130 Million “Tax Cut”

LAWMAKERS BATTLE OVER MODEST TAX RELIEF PROPOSAL … We did a big story this week on a little tax cut proposed by S.C. Rep. Bruce Bannister – the “majority” leader of the “Republican-controlled” S.C. House of Representatives. Bannister is proposing devote $130 million out of an estimated $27.2 billion state budget…

LAWMAKERS BATTLE OVER MODEST TAX RELIEF PROPOSAL …

We did a big story this week on a little tax cut proposed by S.C. Rep. Bruce Bannister – the “majority” leader of the “Republican-controlled” S.C. House of Representatives.

Bannister is proposing devote $130 million out of an estimated $27.2 billion state budget to tax relief – or 0.47 percent of the total spending plan. 

Unfortunately, fiscally liberal leaders of his chamber’s budget-writing panel – led by S.C. Rep. Brian White – are doing everything they can to torpedo the proposal, hoping to spend every penny of the $1.3 billion in new money available for the fiscal year that begins on July 1.

While Bannister’s proposal continues to attract “much ado” within the halls of power at the S.C. State House, its minuscule dimensions are being poked and prodded by lawmakers.

Specifically, there is confusion over whether the proposed tax cut represents one-time relief – or a recurring annual tax cut.

Obviously if the latter were the case, we would be more inclined to throw weight in support of the proposal – because it would represent a chunk of change returned to the people each year.

So … which is it?

Each lawmaker we spoke with for our initial story described Bannister’s proposal as a one-time deal.  Which is why we referenced it as such in our coverage.

However, several lawmakers who obtained the budget spreadsheet containing the $130 million indicated it was a recurring expenditure.

“It’s being taken from recurring funds so presumably would be a recurring cut, not one time,” one of these lawmakers told us.

Take a look …

(Click to enlarge)

bannister tax cut

(Pic Provided)

So … which is it?

A one-time tax cut?  Or ongoing relief?

“Neither,” one ways and means committee member told us.  “(The) money is parked to work out details.”

Interesting …

Obviously a one-time 0.47 percent reduction in state spending isn’t a big deal.  But if Bannister’s modest tax cut were an annual thing – perhaps even the basis of the “taxpayer rebate fund” this website championed for years – well, that might be the start of something worth supporting more vocally.

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8 comments

Rocky Verdad March 2, 2016 at 2:15 pm

Again, this is the same story as last year. Ends the same way too. No money, no fixed roads, no nothin.

Reply
Flip March 2, 2016 at 2:24 pm

Cause: People vote the same way every year.

Effect: The legislature pulls the same crap every year.

Reply
bigfootbuilt March 2, 2016 at 5:16 pm

There IS money.A whole lotta money. About $1.2 billion surplus in fact. Problem is much of it will be misspent.

Reply
Melissahhaire4 March 3, 2016 at 2:45 am

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Reply
Tazmaniac March 2, 2016 at 6:27 pm

.47%??? Not exactly Hulk SMASH!, Mr. Bannister. Maybe we need your brother David.

Reply
staffer March 3, 2016 at 10:45 am

It seems like the focus of this article is whether you are going to support the tax hike some or a lot. Why would anyone give a shit. Is that going to be meaningful too anything?

Reply
staffer March 3, 2016 at 10:45 am

cut not hike

Reply
staffer March 3, 2016 at 10:54 am

This sounds like such a complicated problem, for a retard.

Reply

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