Tuesday, October 28, 2014

South Carolina Needs To Change Its Tax Climate - Tax Rankings Released

South Carolina is standing in the shadow of North Carolina (as well as the rest of the country) and needs to take the necessary steps to make the State more tax competitive to draw business as well as individuals.  Currently South Carolina received the following rankings from the Tax Foundation's 2015 State Business Tax Climate Index.  http://taxfoundation.org/sites/taxfoundation.org/files/docs/TaxFoundation_2015_SBTCI.pdf

South Carolina Overall Rank - 37th

Corporate Tax Rank - 13th

Individual Income Tax Rank - 41st 

Sale Tax Rank - 18th 

Unemployment Insurance Tax Rank - 40th

Property Tax Rank - 21st 

From these rankings its clear there needs to be substantial changes to the individual income tax and unemployment insurance tax regimes in South Carolina. North Carolina made the single largest annual jump in the history of the rankings to No. 16 from No. 44 by lowering its corporate and individual income tax and its sales taxes.  South Carolina should take the cue as there is no reason for us to be in the bottom percentile. 

No comments:

Post a Comment