South Carolina income tax filers would see a new flat tax under a proposal unveiled by House and Senate leadership.
Under the plan, people would keep more money in their paychecks, but see a smaller refund when they file their taxes in 2027.
The tax cut proposal rolled out Tuesday by House Speaker Murrell Smith, House Ways and Means Chairman Bruce Bannister, Senate President Thomas Alexander, Senate Finance Committee Chairman Harvey Peeler and Gov. Henry McMaster would bring the state’s income tax rate to 3.99% in 2026 under a new flat tax system away from the state’s current two-tier income tax, where the highest rate is 6.2% …