The FIVE Essential Elements of True, Honest, Comprehensive Tax Reform
1) Lower Overall Tax Rates:
Move the majority of all South Carolina’s tax rates into the lowest 1/3 in the U.S.By lowering the rates while equitably broadening the base, we can stabilize revenue and reduce the tax burden on South Carolina’s taxpayers and businesses.
2) Restore Stability of 3-Legged Stool:
Remove inequities and exemptions that have chipped away at our state’s formerly stable 3-legged stool (Property, Sales, & Income Taxes). True tax reform must address all three legsof South Carolina’s tax code.
3) Increase Competiveness:
Create a tax structure that makes South Carolina more competitive in incenting job growth and creation. (Competitive: “I want to move or stay here because our taxes are not too high compared with other/surrounding states.”)
4) Create a Structure that is Fair, Honest, & Equitable
Eliminate/decrease tax exemptions so that all South Carolinians pay clearly defined, fair, equitable, and lower rates. Ensure that future tax provisions or exemptions name the bill’s sponsors, require up-or-down, recorded votes, include specific revenue estimates, and have 4-year sunsets.
5) Stabilize Revenue:
Ensure that South Carolina can balance its budget and lower tax rates, while continuing to provide basic, core, quality-of-life services that attract businesses and bring jobs to our state.
Together, we can make tax reform happen. Start ROARing today.