A state income tax bill introduced by Rep. Donna Hicks would cut taxes by one percent over the next four years, saving millions in the process.
The bill will cut state income taxes 0.25 percent each year over the next four years. Hicks, R-Boiling Springs, claims her plan will create $175 million in savings that would go back into taxpayers’ pockets.It’s a very basic plan, and that’s the beauty of it,” she said.
Hicks said she has been searching for ways to lower income taxes in South Carolina for a long time. The plan she introduced to the legislature on Thursday would put the state at a similar tax scale with surrounding states.
We’re a little bit higher than everyone around, except Florida, which is at zero,” she said.
The plan would cut money gradually, so essential costs like schools and police would be unaffected, Hicks said.
It puts it (money) back into people’s pockets, so they can do what they need to do with it,” she said.
Hicks’ bill would get the $175 million from the state government surplus. She said over a 4-year span, the change would occur slow enough to be possible.
