Press Release: Controversy Erupts Over Proposed Tax Bill in South Carolina
Recent proposals regarding tax reform in South Carolina, specifically House Bill 4216, have incited significant debate, drawing sharp criticism from local advocates, including Diane Hardy, Executive Director of the Mom and Pop Alliance of SC. While supporters, like Wendy Damron from Palmetto Promise, argue that the bill represents a positive shift toward a flat tax system, Hardy raises critical concerns.
H. 4216 aims to lower the state income tax rate to 2.49%, but Hardy warns that this comes at a severe cost to lower- and middle-class South Carolinians. Rather than being a straightforward tax cut, she argues it represents a tax shift. According to estimates, 1.7 million filers could face tax increases, while only 550,000 would benefit from tax decreases. Hardy believes that reducing taxes must also be coupled with cuts to state government spending to ensure fairness and sustainability.
Moreover, the proposed new deductions are significantly lower than current federal standards, leaving many taxpayers vulnerable. For instance, single earners making $42,000 could see their tax burden increase by 68%. Hardy emphasizes that during periods of high inflation, the timing for increasing taxes on already-struggling families is ill-advised.
She also challenges the claim that the proposed income tax rate will truly benefit the majority, noting it would require consistent economic growth for over a decade to achieve. Hardy asserts that the voices of the everyday taxpayers who are battling rising living costs need to be included in this debate.
As the South Carolina legislature moves forward, calls for a more inclusive and equitable debate on tax reform remain paramount.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
