| Sanford Proposes Reducing Income Tax Rate |
| (Columbia-AP) -- About 90 House members have signed on to Governor Mark Sanford's plan to reduce the state's income tax rate during the next decade. The governor and House Speaker David Wilkins propose cutting the income tax rate from seven percent to 4.75 percent. The overwhelming majority in the 124-member House makes it likely the proposal will pass the House. Sanford says the change is essential to the state's economy in encouraging growth by small business as the state recovers from its worst years of job loss since the Great Depression. Sanford says lowering the income tax will help move the state from economic dependence on big manufacturing plants which are now frequently moving abroad. The Legislature would have to agree to put $62 million a year into paying for the reduction. |