October 20th, 2021
by Dave Wilson
by Dave Wilson
Written By Senator Josh Kimbrell
A strong culture contributes to a strong economy, and a strong economy supports a strong culture.
Typically, those who support pro-life and pro-family policy also support pro-economic growth and limited government. It’s why I’ve long believed that fiscal and social conservatism go hand-in-hand – that each of the halves of this policy equation reinforce the other.
History shows us that if you simply overlay the spread of the Protestant Reformation on a map, you will clearly see how a Judeo-Christian social and economic ethic influences the ideology, foundations, and impact of a culture.
The backbone of any strong society is grounded in God’s creation of the family, and families need economic opportunity to grow, thrive, and pass along an inheritance to the next generation. One way to accomplish this is reducing the tax burden on families, allowing them to keep more of what they earn.
As the legislature returns, I will be introducing the Tax Reform and Job Creation Act of 2022 that will not only eliminate state corporate income taxes, but also cut individual income taxes in half.
This will be the largest tax reform plan South Carolina has seen in more than 50 years, unleashing economic opportunity and supporting families and family-owned businesses in every county.
Why is this so important?
By eliminating state corporate income taxes – including those on family-owned LLCs, S-Corps, and sole proprietorships – our state will be able to build on the success of local businesses.
We will encourage additional investment, capital development, and economic infrastructure.
We will be able to provide jobs and opportunity for millions of South Carolinians.
Best of all, we will be able to protect our state’s culture by leveling the economic playing field and ending the decades-old economic-incentives catering that our state has had to do for large out-of-state companies that too often disagree with our values and culture.
It’s not just companies that will benefit, though. Families will be directly impacted. By cutting the top tax rate in half – from 7% to 3.5% – and retaining the standard deduction, this tax cut will take financial pressure off of hard-working South Carolina families and provide greater stability at home.
It will get the government out of the way of families fighting to succeed in our rapidly changing economic environment. But cutting income rates is not enough.
This tax reform will maintain the current sales tax rate while putting an end to hundreds of special interest sales tax exemptions that lobbyists have fought to maintain for decades.
By eliminating these exceptions, we will build on the economic impact of our state’s number one industry – tourism – and bring in more than enough revenue from out-of-state visitors to cut income taxes at home without sacrificing a single dollar for education, infrastructure, healthcare, or other essential state services.
This is something that every single family and family-owned business in South Carolina needs. It will not only ensure that we grow our state’s economy, but it will allow us to preserve the unique culture of faith, family, and freedom we have here in the Palmetto State.
A strong culture contributes to a strong economy, and a strong economy supports a strong culture.
Typically, those who support pro-life and pro-family policy also support pro-economic growth and limited government. It’s why I’ve long believed that fiscal and social conservatism go hand-in-hand – that each of the halves of this policy equation reinforce the other.
History shows us that if you simply overlay the spread of the Protestant Reformation on a map, you will clearly see how a Judeo-Christian social and economic ethic influences the ideology, foundations, and impact of a culture.
The backbone of any strong society is grounded in God’s creation of the family, and families need economic opportunity to grow, thrive, and pass along an inheritance to the next generation. One way to accomplish this is reducing the tax burden on families, allowing them to keep more of what they earn.
As the legislature returns, I will be introducing the Tax Reform and Job Creation Act of 2022 that will not only eliminate state corporate income taxes, but also cut individual income taxes in half.
This will be the largest tax reform plan South Carolina has seen in more than 50 years, unleashing economic opportunity and supporting families and family-owned businesses in every county.
Why is this so important?
By eliminating state corporate income taxes – including those on family-owned LLCs, S-Corps, and sole proprietorships – our state will be able to build on the success of local businesses.
We will encourage additional investment, capital development, and economic infrastructure.
We will be able to provide jobs and opportunity for millions of South Carolinians.
Best of all, we will be able to protect our state’s culture by leveling the economic playing field and ending the decades-old economic-incentives catering that our state has had to do for large out-of-state companies that too often disagree with our values and culture.
It’s not just companies that will benefit, though. Families will be directly impacted. By cutting the top tax rate in half – from 7% to 3.5% – and retaining the standard deduction, this tax cut will take financial pressure off of hard-working South Carolina families and provide greater stability at home.
It will get the government out of the way of families fighting to succeed in our rapidly changing economic environment. But cutting income rates is not enough.
This tax reform will maintain the current sales tax rate while putting an end to hundreds of special interest sales tax exemptions that lobbyists have fought to maintain for decades.
By eliminating these exceptions, we will build on the economic impact of our state’s number one industry – tourism – and bring in more than enough revenue from out-of-state visitors to cut income taxes at home without sacrificing a single dollar for education, infrastructure, healthcare, or other essential state services.
This is something that every single family and family-owned business in South Carolina needs. It will not only ensure that we grow our state’s economy, but it will allow us to preserve the unique culture of faith, family, and freedom we have here in the Palmetto State.
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