S.C. tax system in need of repair
On Tuesday, economists gathered at Coastal Carolina University for the 14th annual economic growth summit to explore tax policy and economic growth in the state.
Their findings, while not “pretty,” were helpful — as they revealed the state’s need for an updated tax code.
The current code, economists argued, prevents company expansion, job development and is also stifling the creation of new business due to higher costs of mandated regulations that must be met in order for businesses to operate within the state.
Economists are making the argument that if taxes were lowered on productive activities, such as lowering taxes on the equipment companies buy, then the business sector would see significant growth.
South Carolina – which ranks 45th in per capita income – also ranks 25th in economic freedom, indicating a low-likelihood of the state’s ability to compete with its neighbors – North Carolina and Georgia – two states ranked in the top five percent of states with the greatest level of economic freedom.
Revamping the tax code of many of our southern states is one of the highest priorities listed in our Agenda for a Better South, as we believe such action is one of the best ways to boost our southern economy, reduce poverty rates and raise the economic status of many of our southern families.
Analysts: S.C. Tax System A Burden – (The State)