Politicians in Columbia have jumbled our tax code into a giant mess littered with special interest loopholes. The result is an unfair, dysfunctional system that is an obstacle to economic growth and penalizes hardworking South Carolinians for the benefit of a few. Vincent Sheheen supports broad based tax reform that provides a simple, balanced, fair, and efficient tax system that helps families and businesses keep more of what they earn, while investing in the state’s future.
Abolish Local Property Taxes: Vincent Sheheen believes South Carolina should abolish local property taxes for school operating expenses. Rather, the state should institute a low, statewide property tax that uses the state’s entire property base and is based on true and fair market value.
Lower the industrial property tax: Manufacturers in South Carolina pay the highest industrial property tax rates in the country. This not only hurts our existing businesses but also discourages new businesses from opening in or relocating to South Carolina. Vincent Sheheen supports reducing and simplifying the system to make it fairer for South Carolina companies looking to expand or stay in business.
South Carolina allows tax cheats to shirk their obligations. Our state must work harder to catch tax cheats to alleviate the burden of higher taxes on law abiding citizens.
Reform S.C.’s sales tax preferences: Legislators should dust off the bipartisan Taxation Realignment Commission report from 2010 and change how the state taxes sales of goods and services. The state should broaden its sales tax base by repealing or revising loopholes and consider using the savings to lower the sales tax rate.
Fix the income tax: To restore balance to the system, the state should adjust income tax brackets for the 21st century, enact a refundable earned income tax credit to give low-income people a reward for working, eliminate millions of special-interest income tax giveaways and get rid of corporate income tax loopholes that keep eight of nine corporate filers from paying corporate income tax.