SC's actual income tax rates much lower than portrayed - WMBFNews.com, Myrtle Beach/Florence SC, Weather

SC's actual income tax rates much lower than portrayed

Source: Raycom Media Source: Raycom Media
By SEANNA ADCOX
Associated Press

COLUMBIA, S.C. (AP) - Gov. Nikki Haley is demanding that legislators cut personal income taxes to make South Carolina more competitive with its neighboring states. But South Carolinians already pay less in income taxes than their counterparts in North Carolina and Georgia, as well as most other states that collect the tax.

While the state tax code puts South Carolina's top rate at 7 percent, South Carolina's effective rate - meaning what people actually pay - averages just under 3 percent.

Democratic Sen. Vincent Sheheen of Camden says it's a myth that South Carolina doesn't compare favorably with other states.

Republican Sen. Tom Davis of Beaufort agrees. He plans to work with Sheheen on a bill to better align South Carolina's advertised to actual tax rates.

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