Henry McMaster on Tax Reform
Cut income tax by $2.6 billion over five years
Last year, we returned $67 million to the taxpayers in a one-time rebate check. It was well-received. This year, I propose that we return twenty-five cents of every surplus dollar to the taxpayers through rebates and tax cuts.
It's their money. Many people don't believe it but reducing taxes in fact results in tax receipts increasing, not decreasing.
South Carolina has the highest personal income tax rate in the southeast and the twelfth highest in the nation.
Therefore, I ask that we cut our state's personal income taxes by $160 million this first year, for a total of $2.6 billion over five years. This means a 15% across-the-board tax reduction for all personal income brackets, keeping us
competitive with our neighboring states. This year, with a $1.8 billion surplus, if we don't cut taxes and send money back to the people, shame on us.
Source: 2020 South Carolina State of the State address
, Jan 22, 2020
Lower taxes helps us compete: $2.2B tax cut
We have the highest marginal income tax rate in the southeast--the 12th highest in the nation. Seven states have no income tax at all. Taxes of all kinds at all levels add up--little by little--to smother growth. Beating the competition requires
reforming our state's marginal income and corporate tax rates. That's why I have proposed a $2.2 billion tax cut across all personal income brackets resulting in an average 15% rate reduction.
Source: 2019 State of the State address to South Carolina congress
, Jan 23, 2019
Low taxes spur economic growth and prosperity
The recent tax reform bill signed by President Trump was a great victory for American taxpayers and our economy. But with the federal government cutting taxes, it is now more important than ever for us to do our part. My executive budget proposes a $2.2
billion tax cut for every South Carolinian.
The first year's cut amounts to $139 million. To all the South Carolinians listening tonight: that's $139 million that would have gone to government, and will stay with you instead.
Reagan, Kennedy and now Trump, I believe that low taxes spur economic growth and prosperity. Yet, South Carolina currently has the highest marginal income tax rate in the southeast--the 12th highest in the nation. Seven states have no income tax at all.
Taxes of all kinds at all levels add up--little by little--to smother growth.
We must act. We must heed the lessons of history. We must respect the right of the people to their own money, for their own purposes, according to their own priorities.
Source: 2018 State of the State speech to South Carolina legislature
, Jan 24, 2018
Page last updated: Mar 15, 2020