The Damage Report
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Republican Tax Plot BLOWS UP As South Carolina Residents Get Abandoned
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April 6, 2025
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4:59Now PlayingRepublican leaders in South Carolina totally abandon their own residents in a stunning tax plot to benefit the wealthy as their plan to collapse tax brackets into one flat rate reveals the state funds will take a critical hit while forcing working-class people to pay higher taxes. John Iadarola and Sharon Reed break it down on The Damage Report. Leave a comment with your thoughts below!
Read more here:
Tax hikes would hit 60% of this red state's residents under new GOP bill
"COLUMBIA — Legislation touted by GOP leaders as making South Carolina’s tax code appear more competitive would require most tax filers to pay more initially, according to an analysis by state fiscal experts.
Collapsing South Carolina’s tax brackets into a single flat tax rate of 3.99% in 2026 would reduce state revenues by $216.6 million overall.
But that’s done by broadening and shifting the tax burden: 19.4% of filers would owe less in spring 2027, while a whopping 59.4% of filers would owe more; 21.2% would experience no change, according to the fiscal impact report by the state Revenue and Fiscal Affairs Office released ahead of Tuesday’s first hearing on the bill."
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