Harvey Peeler Unveils South Carolina Senate’s Income Tax Cut

https://www.fitsnews.com/2022/02/17/harvey-peeler-unveils-south-carolina-senates-income-tax-cut/

South Carolina Senate finance committee chairman Harvey Peeler rolled out a proposed broad-based individual income tax cut this week, one which would slash the state’s top marginal rate from seven percent to 5.7 percent – immediately.

That cut, which would apply to 2021 income, is deeper than the incremental reduction unveiled earlier this week by the S.C. House of Representatives – which would cut the top marginal rate to 6.5 percent immediately and then trim another half-percentage point over the next five years. The proposal is also significantly deeper than the utterly impotent cut proposed back in January by “Republican” governor Henry McMaster.

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