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COLUMBIA, S.C. — South Carolina lawmakers, led by Governor Henry McMaster, introduced a bold new income tax reform bill on Tuesday. The proposed legislation aims to reduce the state’s current income tax rate of 6.2% to 3.99%, with the long-term goal of cutting it even further to 2.4%. If enacted, the tax overhaul would allow residents to retain more earnings and make South Carolina more competitive with neighboring states, such as North Carolina and Georgia.
Governor McMaster and other prominent lawmakers, including Speaker of the House Murrell Smith and Senate President Thomas Alexander, argue that South Carolina’s current tax burden is too high and that a lower tax rate would benefit both individuals and businesses in the state. The proposal has the potential to reshape the state’s financial landscape, encouraging investment and economic growth.
“We need to remain competitive and make sure our tax policies attract businesses and residents to South Carolina,” said Governor McMaster during the press conference.
If the bill passes, the state’s tax rate would be one of the lowest in the southeastern U.S., positioning South Carolina as an attractive destination for both businesses and individuals. The proposed change also signals a shift in the state’s fiscal approach, prioritizing tax relief as a key driver for economic expansion.
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