Tax bills heading to Beaufort County residents this week and a new study released last week are must reading for South Carolinians. The study and tax bills are a heads-up that the middle class will be slammed if a bill capping property assessment for tax purposes.

If Gov. Mark Sanford doesn't veto the bill, Beaufort County officials guarantee at least a $40 million shortfall for local governments if a statewide 20 percent cap on property reassessments becomes law. The legislation could become law in January without his signature.

A cap would force the county to refund property owners who paid too much in taxes, but prohibit the county from raising other residents' taxes to make up the difference, according to controller Tom Henrikson.

Lawmakers overwhelmingly passed the 20 percent assessment cap on the last day of the session in an amendment offered by a Beaufort County senator, Scott Richardson, R-Hilton Head Island.

A state chamber of commerce study released last week reinforces the findings of a Clemson University study, that the tax burden will be shifted from the wealthy to the middle class and small business owners.

Earlier the state chamber said the legislation was suspect since a vote was recorded as required if a law changes the tax structure. The state constitution also requires that property be assessed at fair market value.

Government leaders need to take a step back and rethink the issue.

The state chamber says that data provided by the S.C. Department of Revenue and Education show that the 20 percent assessment cap would affect 82 of 84 school districts. Only Beaufort and Charleston would benefit. The state Index of Taxpaying Ability would send less money to every school district.

The biggest reason the governor should veto the legislation is found in a Clemson University analysis of Beaufort County's proposed law. The study says a cap mostly benefits those who own expensive property. If the goal is to help longtime property owners and those on fixed income or in the lower income bracket to keep their homes, a tax cap isn't the way to do it. According to the Clemson study, such a law would shift the burden from the highest-valued homes to more modest-valued homes.

Taxpayers should be up in arms telling lawmakers that they aren't helping the majority of taxpayers with this attempt at tax reform. It's reform, certainly, but for those who own are well off.