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Henry McMaster on Tax Reform

 

 


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.

Like Presidents 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

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

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

15% across-the-board reduction for all personal brackets

Reducing the tax burden on people and businesses continues to be one of the most important ways South Carolina can lay a foundation for future growth. South Carolina's marginal tax rate of 7% is the highest in the southeast and the 11th highest in the nation. I propose that we cut our state's personal income taxes through a phased-in five-year 15% across-the-board tax reduction for all personal income brackets, keeping us competitive with our neighboring states.
Source: 2021 State of the State Address: South Carolina legislature , Jan 13, 2021

Our work will not be done unless I sign an income tax cut

This year marks the fourth year that I have proposed a 1% rate reduction over five years for all personal income tax brackets, starting with an immediate $177 million cut. A tax cut has the impact of a pay raise. Ladies and gentlemen, we have almost one billion dollars in surplus recurring revenue available for this state budget. Our State's booming economy will likely create more. Our work will not be done this session unless I am able to sign an income tax cut into law.
Source: 2022 State of the State Address to the S.C. legislature , Jan 19, 2022

We passed the largest income tax cut in state history

Until recently, South Carolina had the highest personal income tax rate in the southeast and the 12th highest in the nation. No more. Last year, we worked together to pass the largest income tax cut in state history. This made South Carolina even more competitive with other states for new jobs and capital investment. A tax cut has the impact of a pay raise, letting people keep and spend more of their hard-earned money, which itself is a catalyst for even more economic growth and prosperity.
Source: 2023 State of the State Address to the S.C. legislature , Jan 25, 2023

$2000 income tax credit for police & other first responders

To keep South Carolinians safe, we must maintain a robust law enforcement presence - and properly "fund the police." I am proposing a $2,000 state income tax credit for every active-duty law enforcement officer, firefighter, first responder, and emergency medical technician. This nonrefundable tax credit will provide a total of $38.4 million in income tax relief for those who put their lives on the line each day to protect and serve our people.
Source: 2023 State of the State Address to the S.C. legislature , Jan 25, 2023

Other governors on Tax Reform: Henry McMaster on other issues:
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