South Carolina lawmakers are making a big bet on the state’s future — with your money.
Under a new plan advancing through the House of Representatives at the State House, nearly 60% of hard-working South Carolinians would see a tax increase next year, 21% would see no change and 19% — almost everyone making over $150,000 a year — would get a tax cut.
The rich always get richer, but c’mon. More than 1 million people making less than $75,000 — the state’s annual median income is just $67,800 — would have their taxes go up by hundreds of dollars initially. The state would take an additional $500 to $800 from almost everyone with a middle-class income of $45,000 to $135,000 next year . Meanwhile, most people with a million dollars in income would get bigger bank accounts. Their tax savings would average $30,800…