Editor’s Note: The letter writer offers this opinion in response to the Statehouse Report “Palmetto Priority” on taxes, which reads: Overhaul and stabilize the tax structure by 2018 through reforms that broaden the tax base and lower rates. This should include reimplementation of reasonable property taxes and removal of hundreds of millions of dollars of special-interest sales tax exemptions. More.
To the editor:
The one bill that would implement every one of the objectives is the “South Carolina Fair Tax Act.”
The S.C. Fair Tax Act (S. 26) would “broaden the tax base” buy making every consumer carry a share of the tax burden. Tourists, workers, residents, legal and illegal aliens, retirees … all would share in funding our state government and all would be in control of how much taxes they pay via their consumption choices. The prebate feature would completely untax the poor and low income wage [earner]. It simplifies the current system eliminating the need to file taxes and disclose personal and business information. Your privacy is yours again.
The bill removes special interest loopholes and deductions while treating everyone exactly the same. It incentivizes business growth and is a job creator as it removes an additional burden to business start-ups with regard to administration, compliance and documentation costs for both the business and employees.
The SC Fair Tax Act [would]:
1) Eliminates state income taxes on households and businesses, saving them thousands of dollars.
2) Simplifies our state tax code and eliminates the SC 1040 income tax form.
3) Treats all taxpayers and businesses the same.
4) Provides a 6 percent base sales tax which brings in the same amount of money for the State government as our current tax code.
South Carolina needs this bill so we can compete with states like Texas, Florida and Tennessee that do not impose income taxes on their citizens while providing a business and job friendly environment for economic growth and development.
— Joe Lolli, Edisto Island, S.C.
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