<<Back
Economist says Sanford's tax plan won't cut rates for everyone

(Columbia-AP) Feb. 24, 2004 -- Governor Mark Sanford's plan to reduce state income taxes has sailed through a House subcommittee.

Some people wonder if it does enough to cut taxes for all South Carolinians. After Tuesday's vote, South Carolina's chief economist Bill Gillespie says half of the state's taxpayers would see no benefit if the top tax rate was cut from 7% to 4.75%.

That news prompted one Democratic co-sponsor of the bill to say he is reconsidering his support. Aiken Representative Bill Clyburn says all of his district makes less than $13,000 a year and wouldn't see any benefit from the tax cut. Clyburn says he thought the bill was going to affect all taxpayers, not just those who pay the state's current top rate 7%.

The bill now moves to the full House Ways and Means Committee.

Posted 4:51pm by BrettWitt

All content © Copyright 2000 - 2004 WorldNow and WISTV. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.