South Carolina – South Carolina lawmakers have taken a significant step toward reshaping the state’s tax structure, approving a sweeping income tax overhaul that now heads to Governor Henry McMaster for final consideration.
The vote came shortly after the House passed a $15.4 billion state budget, setting the stage for a broader debate about how South Carolina collects revenue and how those changes might affect residents in the years ahead.
At the center of the effort is a proposal designed to gradually phase out the state’s income tax while introducing a revised rate structure in the near term.
Under the plan approved by the House, residents earning less than $30,000 annually would be taxed at a rate of 1.99 percent. Those with incomes above that threshold would pay 5.21 percent…