South Carolina is in the middle of approving a budget that would offer a statewide income tax cut.
South Carolinians could get a tax cut if a new budget proposal moves through under the direction of Republican Senate Finance Committee Chairman Harvey Peeler.The state is working on a budget that would ditch a planned one-time property tax rebate worth $500 million and instead offer a statewide income tax cut.If passed, the state would be using $100 million to bring the state income tax rate for most residents down to 6.2 percent from 6.3 percent.
'Under the newly proposed budget, the rest of the $500 million would go toward roads, bridges, and water and sewer system repairs.'The good news is that the state is flush with cash given that pandemic spending was such to give the state an influx in sales tax revenues providing a surplus,' finance expert Kevin Thompson, founder and CEO of 9i Capital Group, told Newsweek.
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