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South Carolina Gears Up for Flat Tax Debate
Gov. Henry McMaster and Rep. Bruce Bannister push a 6 percent flat tax aimed at taxing higher earners more while easing burdens for low and middle income groups. The plan includes deductions for head of household and married filers, with exemptions for military retirement and Social Security. Critics warn the poorest would bear the brunt, and revenue could plunge as the state eyes a potential 2.49 percent rate. The bill, introduced March 25, tracks to Ways and Means for review amid a history of budget surpluses and a high rainy day fund.
MENTIONED IN THIS ARTICLE
Henry McMaster
House
Ways and Means Committee
Bruce Bannister
Greenville
Bannister
South Carolina
South Carolina Chamber of Commerce
Mike Brenan
Institute On Taxation and Economic Policy
South Carolina Policy Council
National Association of State Budget Officers
Frank Rainwater
Donald Trump
Congressional Republicans
North Carolina
Helene
Neva Butkus