COLUMBIA, S.C. — Another round of better than anticipated economic news in South Carolina has the Republican governor and House leaders agreeing to work toward a bigger income tax cut than they originally proposed.
The proposal would spend about $600 million to cut income taxes on all but about 120,000 of the 1.5 million people and couples who pay taxes.
The proposal would cut the state’s highest tax bracket at 7% down to 6.5% immediately.
The 6%, 5% and 4% tax brackets would all be cut to 3%.
About 1 million taxpayers don’t pay any South Carolina income tax at all.
