Retiring Income Tax would make state a better place to live, work and raise a family
COLUMBIA – Americans for Prosperity (AFP) South Carolina is endorsing S. 901, a bill that would reduce the state income tax rate by 1.4% each year until it is completely retired. States with no personal income tax show higher population and gross state product growth compared to their high-tax counterparts. AFP will work with elected officials and our 17,000 activists across the state to educate citizens about the benefits of S. 901.
“S. 901 will make South Carolina a better state to live, work and raise a family,” stated AFP South Carolina state director Dave Schwartz. “AFP endorses this bill and will work with legislative leaders to help pass it during the legislative session. Retiring the income tax would empower working families, streamline state government and grow our economy – the time for real tax reform is now.”
Quick Facts about Tax Reform in South Carolina:
- Over the last decade, population in the nine states with no personal income tax grew 150% more than their high-tax counterparts (ALEC – “2013 State Tax Cut Roundup”)
- No-income tax states saw their gross state product grow 40% more than their high-tax counterparts (ALEC – “2013 State Tax Cut Roundup”)
- As part of a broad tax reform effort, North Carolina cut taxes by $500 million during the first two years and will continue to cut more than $650 million annually by the 2017-2018 fiscal year (ALEC – “2013 State Tax Cut Roundup)
- South Carolina is currently ranked 37th out of 50 states for business tax climate (Tax Foundation)
For further information or an interview, please contact Dave Schwartz at Dave@afpsouthcarolina.com or (803) 201-6551.
Americans for Prosperity (AFP) is a nationwide organization of citizen-leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans. For more information, visit www.americansforprosperity.org