COLUMBIA - Late Tuesday evening, Republicans in the South Carolina House of Representatives approved H. 4216, a bill purported to lower state income tax rates – but it will actually raise taxes on many working people.
According to the bill's fiscal impact statement, this legislation will have wildly different impacts on taxpayers at all income levels. For example:
- 32.4% of taxpayers earning between $20,001 and $30,000 will pay more.
- 30.5% of taxpayers earning between $100,001 and $150,000 will pay more.
- While 72.8% of taxpayers earning over $1,000,000 will pay less.
This bill will raise taxes on working people in order to give a tax cut to the wealthiest South Carolinians. While Democrats recognize the need to reform the tax code and lower the tax burden for all South Carolinians, we refuse to do that at the expense of middle class families.
Tonight the House voted to concur with the Senate amendments to the bill, so H. 4126 now goes to the governor to be signed into law.
Last year, the House initially passed H. 4216 by a vote of 68-46, with nearly all Democrats and some Republicans voting against it.