SC Politics 12/27: Haley Priorities No Help To Small Business
This is a letter I sent to the Greenville News showing that Gov. (elect) Haley’s goal of helping small businesses doesn’t match her legislative priority of focusing only on the corporate income tax.
I’ll be on WVOC at 3:06 today with State Rep. Bill Taylor (R-Aiken), one of the lead sponsors on the South Carolina FairTax Act.
———- Forwarded message ———-
From: John Steinberger <email@example.com>
I read with interest Tim Smith’s report about Gov. (elect) Nikki Haley’s legislative priorities. The goal to eliminate the corporate income tax is a good one but it doesn’t comply with her desire to “prioritize (what) the taxpayer will feel the quickest.”
Consumer spending, which drives 70% of our economy, won’t be directly stimulated by eliminating the corporate income tax. The vast majority of South Carolina businesses pay the 7% personal income tax rate.
There is legislation filed in the General Assembly which will eliminate the state corporate and personal income taxes – the South Carolina FairTax Act (S-274). It will benefit all South Carolina businesses, attract entrepreneurs and wealthy retirees to our state, and get consumers to spend money on local businesses.
Revenue under the South Carolina FairTax Act tax act will fund the government at current levels through a 6% sales tax on all new retail goods and services. Our current sales tax code exempts nearly 300 items which would generate an estimated $3 Billion in revenue, more than the state currently collects in either sales tax or income tax.
Please read the South Carolina FairTax Act at www.scfairtax.org and ask your state legislators to support it. It will increase your take-home pay and lead to significant job creation. You’ll “feel” its effects immediately!