So imagine this:

You don't have enough money to pay your bills right now and you say, "Honey, I think I only want to work part time."

Reducing your income even more.

Probably not going to go over well with your spouse.

That's exactly the reaction Standard and Poor's had to Gov. Mark Sanford's (R-SC) plan to eventually cut the top income tax rate from 7% to 4.75%.

Prof. Tom Smythe, an economist at Furman University, says Standard and Poor's is kind of like a credit bureau for states.

"It's actually for all entities," he said. "They rate states, corporations, municipalities."

When Standard and Poor's speaks, leaders listen.

And here's what they said:

"We feel that the proposed (income tax) reduction could also make the state more vulnerable to economic downturns," according to the firm's credit analyst Eden Perry.

But wait a minute, says the governor's office.

If we cut taxes, more businesses will move in and we'll have even more money than before.

Plus, if the state's revenue doesn't grow by at least 2% a year, further reductions in the income tax would be halted.

Prof. Smythe points out that, best case scenario, you want to cut taxes after the money starts rolling in.

"But there's a very real dilemma that without tax reductions... for corporations and things like that, then we may not experience that economic growth," he said. "And that's where the chicken and the egg problem comes into play."

And if state leaders don't get it right, it's taxpayers who may end up with egg on their face.