As we enter a new legislative session there are many priorities, but one item that is absolutely vital for South Carolina’s small business owners and their employees is income tax reform.
South Carolina continues to have the highest state income tax rate in our region. And, according to Business Insider, the Palmetto State has the third lowest gross domestic product per capita nationally, at $36,174. With such a low GDP, it’s no wonder Business Insider ranks SC as the 44th best state to start a business.
To foster prosperity and economic growth in South Carolina, we should take the common sense step of lowering our state income and business taxes. What’s even more troubling, according to a study done by the Tax Foundation, is that South Carolina ranked fifth best nationally in corporate taxes but 33rd overall, due to our state’s high income tax, sales tax, and property tax.
In a state built by mom-and-pop businesses, why are we clearly favoring big businesses over small businesses?
Given our state’s multi-billion dollar surplus and the pummeling small businesses have endured over the last couple of years, it’s clear South Carolina should do all it can to become a magnet for small business creation. We should want the citizens of our state to keep more of the money they earn and to create an environment for all sizes and types of businesses to succeed, not just a select few.
If we want genuine economic development, allowing ALL businesses to grow and prosper, we need to tackle tax reform immediately. We at the Mom and Pop Alliance of SC call for the South Carolina Legislature and governor Henry McMaster to propose and pass meaningful tax reform legislation this session.
–Mom and Pop Alliance of SC
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