Income Tax Elimination Gains Momentum
Voters Overwhelmingly Support Ballot Initiative Ending Income Tax
Columbia – Momentum is building to eliminate the state personal income tax. Last week, Gov. Haley stated she would be in favor of retiring the penalizing tax and yesterday Republicans overwhelmingly supported a ballot measure that would do the same.
“Eliminating the income tax would create more jobs and allow workers to keep more of their hard-earned paycheck,” said Americans for Prosperity South Carolina state director Dave Schwartz. “Gov. Haley and voters across the state have said the time for tax reform is now.”
A recent study published by the American Legislative Exchange Council (ALEC) based on data from the Bureau of Economic Analysis, the United States Census Bureau, the Bureau of Labor and Statistics and Laffer Associates from 2001-2011 showed that the 9 states with no income tax outperformed the United States average in the categories of population growth, economic growth, employment and even tax revenue. Another study by ALEC showed that states with no income tax also had higher real personal income growth rates than their higher taxed counterparts.
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