Politics

South Carolina Senate unanimously votes in favor of statewide tax cuts and rebates

The South Carolina Senate unanimously voted to push forward a bill that would immediately reduce state tax rates.

The $2 billion bill would cut the top state tax rate from 7% to 5.7%. It would also provide tax rebates of at least $100 to every person who files a state income tax return.

Those who pay $100 or less, or no taxes, would receive $100 rebates while anyone paying $101-700 or more would receive up to $700 each in a one-time payment.

The Senate bill comes weeks after the South Carolina House passed a similar bill, lowering the top bracket from 7% to 6.5% immediately, eventually dropping it to 6%. The Senate bill now moves to the House for a vote.

The bills would be funded by the state’s surplus money, which has resulted from General Fund revenues and Federal funding.

“There is a substantial amount of money in one-time dollars not only from General Fund revenues but also the federal government…given the robust growth, recurring revenues and given all that one time money, these tax cuts were not unreasonable in that context,” said Sen. Tom Davis (R-Beaufort). 

ARTICLE: LAURA SPIVAK

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: THESTATE.COM

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Laura is a freelance writer out of Maryland and a mom of three. Her background is in political science and international relations, and she has been doing political writing and editing for 17 years. Laura has also written parenting pieces for the Today Show and is currently working on writing a collection of remarkable true stories about normal people. She writes for FBA because unbiased news is vital to unity, and readers deserve the facts free of opinion.

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