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South Carolina proposes 3.99% income tax rate for all in 2026

South Carolina lawmakers introduced a tax reform bill to reduce the income tax rate to 3.99% by 2026, which would be lower than surrounding states like North Carolina and Georgia.
House Ways and Means Committee Chairman Bruce Bannister stated that the bill aims to simplify the tax system and provide more money to residents.
Governor Henry McMaster criticized current federal tax policies, suggesting they are 'suffocating,' and called for a 'low, broad, fair, and flat' tax system.
The proposed tax system includes a personal exemption for low-income earners, ensuring those in need benefit most, as explained by Bannister.

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WSOC-TV

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Lawmakers propose 3.99% flat tax rate to attract businesses to South Carolina

South Carolina lawmakers have proposed a new flat tax rate of 3.99% starting in 2026, aiming to shift from the current two-tier income tax system.

5 days ago

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Carolina Journal

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NC faces competitive pressure as SC unveils aggressive tax cuts

South Carolina’s top leaders gathered on Tuesday to unveil a bold plan to slash the state’s income tax rate by nearly 40%, setting their sights on outpacing North Carolina in tax competitiveness. The proposed cut, which would drop South Carolina’s income tax rate from 6.2% to 3.99%, is part of an effort to offer residents a better deal than neighboring states, including North Carolina and Georgia. The South Carolina governor, speaker of the Hous…

5 days ago

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Charleston City Paper

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S.C. GOP proposes flat income tax flat that would shift burden - Charleston City Paper

MORNING HEADLINES | Republican leaders in the S.C. General Assembly on Tuesday introduced a new income tax structure proposing billions of dollars in tax income relief that would drop the state’s income tax below nearby states. Critics say, however, the change would shift the income tax burden significantly from the rich to the working poor. […] The post S.C. GOP proposes flat income tax flat that would shift burden appeared first on Charlest…

5 days ago

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The Times and Democrat

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S.C. House, Senate leaders seek income tax change

South Carolina income tax filers would see a new flat tax under a proposal unveiled by House and Senate leadership.

5 days ago

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The Post and Courier

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SC Republicans launch 'historic' tax cut proposal, but critics say the poor will pay more

South Carolina House Republican leadership announced a plan Tuesday to convert the state to a flat 4 percent income tax, costing hundreds of millions of dollars and raising taxes on some of the state's lowest-earning residents.

6 days ago·Charleston, United States

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scdailygazette.com

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Republicans' 'historic' tax-cut plan attempts to give SC competitive edge • SC Daily Gazette

House Ways and Means Chairman Bruce Bannister, R-Greenville, (at the podium) outlines the GOP income tax plan on Tuesday, March 25, 2025, surrounded by House and Senate Republicans. (Photo by Travis Bell/STATEHOUSE CAROLINA/Special to the SC Daily Gazette)COLUMBIA — An income tax plan touted by state GOP leaders Tuesday as making South Carolina more competitive will cut taxes for many while requiring some people to pay more. The proposal release…

6 days ago

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